January retail sales just came out, and it was kind of a strange report.
Headline retail sales for January came in at just 0.4 per cent, well below the 0.8 per cent growth that analysts had expected.
But retail sales excluding autos beat nicely (0.7 per cent vs. the 0.5 per cent that was expected). So obviously the weakness came form the auto part of the report.
This chart of sequential growth by category confirms that auto sales were the sore thumb sticking out.
This data runs contra to other January data.
According to Commerce Department data, auto sales gained in January over December.
Other measures also indicate robust January car sales.
Here’s a chart of auto shipments via rail put on Twitter by @bourbon_meyer.
Does anyone have a good guess for what’s amiss here?