CHART OF THE DAY: The REAL Collapse Of Retail Sales

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There’s no doubt that this morning’s retail sales number, which came in way ahead of expectations, was a pleasant surprise, helping the market extend its rally. But some perspective is in order.

This chart from Doug Short adjusts monthly retail sales by both population and inflation.

While we have bounced back, we’re now more than 10% below 2006 levels, and back to 1998 levels.

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