US advance retail sales for April 2019:
- Advance retail sales-0.2% vs +0.2% estimate. Prior revised to 1.7% from 1.6% previously reported
- Retail sales ex auto +0.1% vs +0.7% estimate. Prior month 1.3% versus 1.2% previously reported
- Retail sales ex auto and gas -0.2% vs +0.3% estimate. 1.1% versus 0.9% previously reported
- Retail sales control group 0.0% vs +0.3% estimate. 1.1% versus 1.0% previously reported
The US retail sales came in weaker than expected in the month of April. All the measures for the month were worse than expectations. Revisions, however, were mostly modestly higher. The US consumer makes up some 70% of GDP. The 2nd quarter is not a good start to the quarter. The Atlanta Fed GDPNow will have an estimate for 2Q growth released later today.
US stocks have moved lower with Dow futures implying a -91 point decline. The Nasdaq futures imply a -32 point decline. The S&P is down -12 points.
