MAY RETAIL SALES SMASH EXPECTATIONS

The number:

Hey! We’re not dead yet.

Sure the headline retail sales number was down 0.2%, but that’s well above the decline of 0.5% that was expected.

And on the core ex-auto and gas, we actually increased by 0.3%, which is faster than the 0.2% growth from April, and expectations of 0.2%.

So really not bad! The double dip will have to wait for another month.

Here’s the overall breakdown:

chart

Stocks are up nicely.

The full report can be downloaded here.

 

Background: Here we go. A big read on the consumer for May… analysts are expecting headline retail sales to go down 0.5%, and retail sales ex-auto and gas to grow by 0.2%.

That’s the number we’ll be watching.

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