'Gonna Need More Stimmies' - US Retail Sales Plunged In May

zerohedge2021-06-15

With a lack of stimmies to keep the spending dream alive, analysts expected a 0.8% MoM plunge in retail sales (confirming BofA's recent perfect streak of predictions), but the data was even worse, tumbling 1.3% MoM...

Source: Bloomberg

Given the expected impact of autos from the chip shortage,a "cleaner" number of the Ex-Autos print which was also a disaster,tumbling 0.7% MoM (much worse than the 0.4% improvement expected)

Source: Bloomberg

BofA's forecasts nailed it again:

  • BofA said retail headline -1.4%, came in at -1.4%
  • BofA said retail ex auto -0.6%, came in at -0.7%

Building Materials saw the biggest drop, along with Motor Vehicles (as noted above). Nonstore retailers (online) also saw a decline in sales...

As the base effect wears off so the insane YoY comps ease back too...

Source: Bloomberg

Finally, we note that retail inventories (supply) has reached a record low relative to retail sales (demand)...

Source: Bloomberg

How will The Fed interpret this? Transitory supply distress?

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Comments

  • CCKK
    2021-06-16
    CCKK
    Not a good sign! Sad!
  • thatsy
    2021-06-16
    thatsy
    Helicopter money!!! 
  • Ronchan
    2021-06-16
    Ronchan
    Maybe this will cool off the inflation figures….
  • Dewei
    2021-06-16
    Dewei
    Nice 
  • 求老师指点
    2021-06-16
    求老师指点
    Like 
  • Hoeyin
    2021-06-16
    Hoeyin
    ??
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