Headline: 0.5% month-over-month growth
Expectations: 0.6% month-over-month rise
Analysis: Last month, retail sales came in slightly below expectations, growing by 0.4%. They’ve come in weaker than expected again this month.
Excluding autos and gas, the situation looks much worse. That number was expected to grow by 0.5%, when it actually grew by only 0.2% month-over month. Further, April retail sales less autos hit expectations dead on, at 0.6%.
So a huge part of this month’s growth can be attributed to rising gas prices.