Details:
- Ex-autos +0.5% vs +0.3% exp
- Prior ex autos +0.3% (revised to +0.7%)
- Control group +0.4% vs +0.6% expected
- Prior control +1.0% (revised to +1.3%)
This is a good set of headlines and the upward revisions nullify the slight miss on the control group. Never underestimate the spending power of the US consumer.
Fed pricing for the year ahead before the data was -102 bps and is down to 101 bps in the immediate aftermath.
Some details:
- Motor vehicle & parts dealers: +5.3%
- Building material & garden equipment: +3.3%
- Food services & drinking places: +1.8%
- Furniture & home furnishing stores: -0.7%
- Gasoline stations: -2.5%
This is a very good report as sales rose despite the drag from lower gasoline prices. Motor vehicle sales could have been a front-run of tariffs and that should continue in April before a potential rapid reversal. The rise in restaurant sales shows no shift away from services spending, contradicting some earlier concerns about consumer pullback in discretionary spending areas.
US retail sales control group
