{"id":1477758,"date":"2024-07-16T12:43:59","date_gmt":"2024-07-16T16:43:59","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1477758"},"modified":"2024-07-16T12:43:59","modified_gmt":"2024-07-16T16:43:59","slug":"saved-by-the-seasonals-headline-spending-surprises-as-real-retail-sales-plunge","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/saved-by-the-seasonals-headline-spending-surprises-as-real-retail-sales-plunge\/1477758\/","title":{"rendered":"Saved By The Seasonals: Headline Spending Surprises As ‘Real’ Retail Sales Plunge"},"content":{"rendered":"

Saved By The Seasonals: Headline Spending Surprises As ‘Real’ Retail Sales Plunge<\/span><\/p>\n

\n

BofA’s omnipotent analysts track record on retail sales looks to be tested once again with a worse than consensus forecast (for an already downbeat expected print) in June…<\/p>\n

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

BUT… for once they were wrong with retail sales far better than expected – though notably the headline print was unchanged Mom (-0.3% exp). but May was also revised higher from +0.,1% to +0.3% MoM. The YoY retail sales growth slowed to just 2.3% – the slowest since February…<\/p>\n

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

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

For context, May 2024’s upward revision was the largest since May 2023…<\/strong><\/p>\n

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

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

Core (Ex-Autos) retail sales soared 0.4% MoM (well above the 0.0% exp) and May was also revised higher.<\/p>\n

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

The Control Group – used in the calculation of GDP – exploded 0.9% MoM higher – smashing the +0.2% expectations()<\/p>\n

Non-store retailers (online) were the biggest driver of the gains<\/strong> in June while motor vehicles and parts dealers saw sales plunge…<\/p>\n

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

\u00a0<\/p>\n

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

On a non-seasonally adjusted basis, retail sales were +0.2% YoY <\/strong>with Motor Vehicle Sales the largest contributor to the downside….<\/p>\n

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

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

Finally on a non-seasonally-adjusted basis, real retail sales (roughly ‘adjusted’ for CPI) tumbled YoY in June…<\/strong><\/p>\n

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

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

As seasonals saved the day…<\/p>\n

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

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

…aaah, Bidenomics!<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 07\/16\/2024 – 08:43<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/us-retail-sales-upward-surprise-june-food-spending-jumped-car-sales-plunged<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Saved By The Seasonals: Headline Spending Surprises As ‘Real’ Retail Sales Plunge BofA’s omnipotent analysts track record on retail sales looks to be tested once…<\/p>\n","protected":false},"author":0,"featured_media":1477759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1477758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1477758","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=1477758"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1477758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1477759"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1477758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1477758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1477758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}