Highlights of the May US retail sales report:
- Prior was 0.0%
- Retail sales ex-autos +1.0% vs +0.8% exp
- Prior ex-autos was +0.1%
- Retail sales ex-autos and gas +0.7% vs +0.5% exp
- Prior ex-autos and gas +0.2%
- Retail sales ex-autos, gas and building supplies (control group) +0.7% vs +0.5% expected
- Prior control group 0.0% (revised to +0.1%)
No fireworks but some slightly better than expected readings on the details of the report. The kneejerk was 55 pips higher in USD/JPY but it was erased in less than two minutes and we're back to 123.64.
This market is too skittish to commit for any more than a few minutes.
Update: Going further back, BBG notes positive revisions to March data.
The figures used to calculate gross domestic product, which exclude categories such as food services, auto dealers, home-improvement stores and service stations, increased 0.7 percent in May after rising 0.1 percent the month before. The reading for March was revised up to show a 0.9 percent gain compared with a previously reported 0.5 percent advance, which should boost first-quarter consumer spending when the figures are updated later this month.
