The headline retail sales number was disappointing but there were a number of cross currents in the detail. Overall retail sales in June shrank 0.5 percent, following a 1.1 percent decline in May. The June figure posted lower than the market forecast for a 0.2 percent decline. Auto sales were a big part of the June decrease as sales ex autos only edged down 0.1 percent, following a 1.2 percent drop in May. Analysts had projected no change in sales excluding autos. Weak gasoline prices came into play also. Sales excluding autos and gasoline rebounded 0.1 percent, following a 1.0 contraction in May. The highlight of the report is a 1.1 percent boost in department store sales after a 1.7 percent drop in May.
Bloomberg.com
Patrick M. Ambrus
Analyze Capital LLC
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