RETAIL SALES REPORT (UPDATE)
The latest retail sales report is in, and the overall reading was pretty healthy. As shown in the bottom chart, retail sales have declined in the previous 3 months before rising .60% in March. Removing autos also pointed to a month over month gain, as did the control group, which tends to be an input reading for GDP.
Non-store retail once again helped the overall reading as the e-commerce channel grows in significance.
Lastly, one interesting data-point as it relates to retail is the year over year gain in retail employment jobs. This reading has been negative since early 2017. This is something to monitor as it may further emphasize my 2017 view that mass retailers are starting to stabilize.
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Sean D. Emory
Avory & Co. Founder & Chief Investment Officer
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