Retail Sales Surprise to the Upside
by Kevin CookApril 16, 2012 | Comments : 6 Recommended this article: (0)
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The headline March retail sales number this morning came in at +0.8%, clobbering the consensus expectation for +0.3%.
And the ex-auto sales number also beat expectations with +0.8% vs +0.6% projection.
Even when you strip out gasoline (and autos), we get +0.7% vs. +0.5% projected.
There were some downward revisions to February data, with the headline number slipping from +1.1% to +1%, and the ex-autos and gas number also losing a tenth (revised down from +0.6% to +0.5%)
Overall, another surprising string of strong data from the US consumer, who is dealing with her debt issues, and rising gas prices, and still finding ways to spend.
Is this trend directly linked to a jobs recovery and bottoming housing markets?
Is it sustainable?
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