JPMorgan sees the delta variant hitting spending
Tuesday's US retail sales report is the main event of the week on the US economic calendar. JPMorgan says it will add to the recent sour tone in markets.
The consensus is for a 0.2% m/m decline but they see a significant miss.
They highlight their own credit card spending data and said the decline in UMich consumer sentiment last week "aligns with recent indications that the Delta variant may be suppressing consumer spending and we look for a well below consensus 1.5% m/m drop in tomorrow's July retail sales report."
Here is the latest JPM mobility report.
