Details of the April 2017 US retail advance sales report 12 May 2017

  • Prior -0.2%. Revised to 0.1%

  • Ex-autos 0.3% vs 0.5% exp m/m. Prior 0.0%. Revised to 0.3%
  • Ex-autos & gas 0.3% vs 0.1% prior m/m. Revised to 0.4%
  • Control group 0.2% vs 0.4% exp m/m. Prior 0.6%. Revised to 0.7%

Positive numbers but on the soft side. What does save this somewhat, is the upward revisions.

The underlying details don't look that bad, some up, some down. That's what you get from a steady consumer, not one whose wallets are bursting with spare cash. The report isn't bad but if the Fed wants to see a booming consumer, then this is letting them down.

Moreover, the y/y chart paints a whole clearer picture than the month to month noise.

US retail sales y/y