US Retail Sales Disappoint In April As Stimmy Surge Stalls

US Retail Sales Disappoint In April As Stimmy Surge Stalls

After hot-hot-hot inflationary prints this week, following dismal jobs data last week, all eyes are on this morning's retail sales data to discern if America's future is a stagflationary cornering of The Fed. While no one expected a repeat of March's explosive gains, analysts still expected a modest rise (while BofA - who have been consistently correct - warned that a big disappointment was possible with retail sales actually falling MoM ). It turns out, BofA was right as retail sales disappointed in April, printing unchanged from March (versus +1.0% expected) after an upwardly revised +10.7% MoM stimmy surge in March.



Source: Bloomberg

Worse still Core Retail Sales tumbled 0.8% MoM (versus expectations of a 0.3% rise)



Source: Bloomberg

Under the hood, clothing, gas stations, and online retailers saw sales sink MoM...



Of course, on a YoY basis - due to the collapse comps - retail sales are up a stunning 51%...



Source: Bloomberg

Worse still, the Control Group - which feeds into GDP, tumbled 1.5% MoM...



We're gonna need more stimmies!

Tyler Durden
Fri, 05/14/2021 - 08:38

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