Retail sales data
- Prior -0.2% (revised to +0.3%)
- Control group +0.5% vs +0.4% expected
- Prior control group 0.0% (revised to +0.4%)
- Ex autos +0.5% vs +0.4% expected
- Prior ex autos +0.1% (revised to +0.5%)
- Ex autos and gas +0.5% vs +0.4% expected
- Prior ex autos and gas -0.2% (revised to +0.3%)
Note the revisions. They're the big story here as they paint a much better picture of April. The Fed is going to have to take this into consideration next week and it dims the chance for the kind of dovish statement that the market is pining for. The February numbers were revised higher as well.
Digging into the data, non-store retailers (online) rose 1.4% and 11 of 13 categories were higher. Auto sales were up 0.7% following a 0.5% decline in April. In another good sign for consumer spending going forward, sales at bars and restaurants increased 0.7%.
Look for Q2 GDP estimates to be revised higher throughout the day.
