Benchmark revisions show broadly higher US retail sales

Earlier headlines gave the wrong impression

The US Census Bureau today revised retail sales estimates all the way back to 1992. The headlines from the announcement showed that March sales were revised to -0.4% from -0.3% but that's gives the wrong impression because the prior trajectory was also adjusted.

Overall sales were actually 0.2 percentage points higher than previously reported. Autos sales were weaker than had been believed while nonstore retailers (internet shopping) was significantly stronger than reported.

It doesn't change much in the grand scheme of things but it's a bit of good news for the US and the struggling US dollar.