FAST FIVE: Retail Sales Surge In July Thanks To Amazon's Prime Day
The last few months have seen extremely volatile swings in monthly retail sales but every rebound is heralded as evidence of “the strength of the consumer.” Source: Bloomberg So all eyes were on today's July data, expected to rise for the 5th month in a row, and it did – crushing expectations with a headline retail sales surge of 0.7% MoM (+0.3% exp) – the biggest gain in four months.
Source: Bloomberg Only three categories saw sales declines (including auto sales).
Source: Bloomberg Most notably, the non-store retailers (i.e.
Source: Bloomberg This is not a picture of an economy that needs more rate cuts Mr Powell.