{"id":1451247,"date":"2024-01-17T13:41:19","date_gmt":"2024-01-17T18:41:19","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1451247"},"modified":"2024-01-17T13:41:19","modified_gmt":"2024-01-17T18:41:19","slug":"retail-sales-surged-in-2023-led-by-autos-food-services-gas-station-sales-slumped","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/retail-sales-surged-in-2023-led-by-autos-food-services-gas-station-sales-slumped\/1451247\/","title":{"rendered":"Retail Sales Surged In 2023 Led By Autos & Food Services, Gas Station Sales Slumped"},"content":{"rendered":"

Retail Sales Surged In 2023 Led By Autos & Food Services, Gas Station Sales Slumped<\/span><\/p>\n

\n

If BofA is right – and they usually have been – this morning’s Retail Sales print would be a big beat and provide more questions for those thinking about rate-cuts and soft landings…<\/p>\n

<\/a><\/p>\n

And sure enough, after an unexpectedly large rise in November, December saw a 0.6% MoM rise (hotter than the expected 0.4%, but less than BofA’s surge expectations). Still, it was the biggest jump since September and lifted the YoY change to +5.6% – its hottest since Jan 2023…<\/strong><\/p>\n

<\/a><\/p>\n

On a MoM basis, Gasoline Stations and Personal Healthcare stores saw sales decline while Motor Vehicle sales surged…<\/p>\n

<\/a><\/p>\n

Both headline and core retail sales re-acclerated – ending up 5.6% YoY in 2023…<\/p>\n

<\/a><\/p>\n

Gasoline Stations and Building Materials were the only segment that saw retail sales lower in 2023 with motor vehicles and Food Services up most…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Finally, as a reminder, retail sales data is nominal – i.e. not adjusted for inflation. So is this just a reflection of falling gas prices and soaring food prices? <\/strong><\/p>\n

While not comparing apples and oranges, if we adjust the headline retail sales rise in 2023 for the rise in consumer prices, we see ‘real’ retail sales rose 2.2% YoY<\/strong> – obviously far better than the real-sales decline in 2022, but it was the weakest year since 2018…<\/p>\n

<\/a><\/p>\n

Certainly doesn’t help the Goldilocks narrative.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 01\/17\/2024 – 08:41<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Retail Sales Surged In 2023 Led By Autos & Food Services, Gas Station Sales Slumped If BofA is right – and they usually have been…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1451247","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-65xd","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1451247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1451247"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1451247\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1451247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1451247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1451247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}