After 3 months in a row of declines, July Retail Sales were better than expected. Headline sales rose .8% and were up .9% ex auto’s and gasoline. The core figure which excludes auto’s, gasoline and volatile building materials, was also up .9% vs the estimate of .5%. June data was revised lower however, partially offsetting the upside surprise in July. Off the easy comparison of declines in June, sales rose across the board m/o/m in July. Bottom line, in the context of the fear of the global economic slowdown, its good to see retail sales bounce back from 3 months in a row of declines.
Separately, July PPI rose .3% headline and .4% core, both above estimates. The core rate in particular is up 2.5% y/o/y while the headline figure, up just .5%, is still being suppressed by the decline in food and energy prices which has since reversed. Wholesale inflation in the pipeline fell m/o/m but with a 12.5% increase in the CRB index since the June lows, the fall will likely be limited.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.