{"id":1457488,"date":"2024-02-15T13:42:01","date_gmt":"2024-02-15T18:42:01","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1457488"},"modified":"2024-02-15T13:42:01","modified_gmt":"2024-02-15T18:42:01","slug":"us-retail-sales-plunged-in-january-worst-yoy-growth-since-covid-lockdown","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-retail-sales-plunged-in-january-worst-yoy-growth-since-covid-lockdown\/1457488\/","title":{"rendered":"US Retail Sales Plunged In January, Worst YoY Growth Since COVID Lockdown"},"content":{"rendered":"

US Retail Sales Plunged In January, Worst YoY Growth Since COVID Lockdown<\/span><\/p>\n

\n

As we detailed in our preview for premium subscribers, if the omniscient analyst at BofA are right this morning<\/a>, the fecal matter is about to hit the rotating object as they saw retail sales declining bigly (more than expected) in January judging by real-time credit card spending data…<\/p>\n

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

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

After they unexpectedly surged in November and December (driven in large part by a jump in Food Services<\/a>), headline retail sales in January were expected to decline just 0.2%, but BofA nailed it once again with a large 0.8% MoM drop. That dragged the YoY retail sales down to just 0.6%…<\/strong><\/p>\n

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

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

That is the worst monthly decline since March 2023 and worst YoY rise since May 2020.<\/strong><\/p>\n

Motor Vehicles and Parts and Building Materials saw the largest decline MoM…<\/p>\n

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

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

Core Retail Sales also declined (-0.5% MoM vs +0.2% exp), which dragged the YoY levels down to their lowest since the COVID lockdowns…<\/strong><\/p>\n

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

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

Adjusted (crudely) for inflation, this was a huge drop in ‘real’ retail sales…<\/p>\n

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

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

Finally, the control group – used to feed through to the GDP calculation – tumbled 0.4% MoM (vs expectations of +0.2%).<\/p>\n

Soft-landing morphing into a stagflationary crash-landing?<\/strong><\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 02\/15\/2024 – 08:42<\/span><\/p>\n

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

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

US Retail Sales Plunged In January, Worst YoY Growth Since COVID Lockdown As we detailed in our preview for premium subscribers, if the omniscient analyst…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1457488","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1457488","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=1457488"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1457488\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1457488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1457488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1457488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}