FAST FIVE: US Retail Sales Disappoint In April As Stimmy Surge Stalls
While no one expected a repeat of March's explosive gains, analysts still expected a modest rise (while BofA – who have been consistently correct – warned that a big disappointment was possible with retail sales actually falling MoM).
Source: Bloomberg Worse still Core Retail Sales tumbled 0.8% MoM (versus expectations of a 0.3% rise) Source: Bloomberg Under the hood, clothing, gas stations, and online retailers saw sales sink MoM.
Of course, on a YoY basis – due to the collapse comps – retail sales are up a stunning 51%.
Source: Bloomberg And to put it all in context, thanks to trillions in free money, US retail sales are officially “above trend”.
Source: Bloomberg Put another way – We've brought forward 5 years of trend retail sales growth since the pandemic started due to stimulus We're gonna need more stimmies.