FAST FIVE: Retail Sales Surge In July Thanks To Amazon's Prime Day

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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.

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