US Retail Sales "Beat" Thanks To Yet Another Massive Downward Revision
https://www.zerohedge.com/personal-finance/us-retail-sales-beat-thanks-yet-another-massive-downward-revisionFor once, consensus is in line with BofA's omnipotent forecast for retails today (July data) with an expectation of a 0.4% MoM (US Retail Sales) rise in nominal spending. They were both wrong... as retail sales shot up 1.0% MoM - well above the highest forecast.
That is the biggest MoM rise since Jan 2023 - so to hell with your soft landing narrative, right...
Source: Bloomberg
Under the hood, almost everything saw spending surge (except Sporting goods and book stores)
...with a giant swing in Auto sales...
Source: Bloomberg
The retail sales went up beyond expectations. It is mostly due to auto sales, which prices are being slashed. People are not buying new cars.
