By James Picerno: U.S. retail sales slipped 0.2% in May. That's the biggest monthly fall in two years, although quite a bit of the drop last month was due to a sharp decline in gasoline sales. Nonetheless, the revised data tell us that retail sales have fallen for two months in a row-the first back-to-back monthly declines since 2010. Looking at retail sales on a year-over-year basis is more encouraging, but the trend is still slipping on this front too.
Steve Hayward and Charles Hugh Smith have recently pointed to falling gasoline consumption, based on these EIA data that show a steep drop in retail gasoline sales in December and January. Some are saying that this drop in gas consu... Read Post
When retail sales last month came in far weaker than expected, it was the weather's fault. A month later, we find that the January retail sales were even weaker than expected, with the headline number revised from a -0.4% drop to -0... Read Post