US DATA: June retail sales -0.5% overall, -0.4% ex auto, and -0.2%
ex auto and gas, all showing more weakness than expected. Sales were
pretty much weak across the board, with only food +0.1% and clothing
+0.2%. Most other areas declined, some showing large drops. Autos posted
-0.6%, furniture -0.8%, electronics -0.8%, bldg materials -1.6%,
healthcare -0.7%, sporting goods -1.6%, restaurants -0.2%. April sales
were revised lower (-0.5% overall), but May was little changed (-0.2%
overall). Q2 ex auto sales show a loss of momentum as the pd unfolded –
their avg is below the March level, suggesting a severe slowing in
consumption. The last time sales fell for 3 mos or more in a row was
during the 2008 recession.