The number:

Down from last month, but worse than consensus.

A bummer, but not going to be a huge shock to anyone.

The markets were lower heading into the morning, and remain so.

More significant are retail sales, which came in weaker than expectations.

Background: This number has been trending frighteningly higher lately, to the point that it’s almost a trend.

The current survey expectation is for 430K, down from 474K last week.

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