Over at The Bonddad Blog, the pseudonymous New Deal Democrat is out with the latest look at the weekly high-frequency data.This part really stands out:
The ICSC reported that same store sales for the week ending March 17 rose +0.9% w/w, and also rose only +3.3% YoY. Johnson Redbook reported a 3.6% YoY gain. This week was the best week in over a month. The 14 day average of Gallup daily consumer spending rose to its highest springtime level in 4 years, after having been briefly negative YoY at the beginning of this month. Shoppertrak’s data for the beginning of the month was also belatedly reported as off -3.4% YoY.
It’s hard to identify any evidence that gasoline prices have become a big problem, or really any problem. When multiple surveys show retail sales are at their highest levels in a while in the face of all this, this is a very good sign.