US Feb/2016 retail sales weaker than consensus
Posted on March 15th, 2016
Main takeaways (http://bit.ly/US_Retail_Feb_2016)
- February retail sales weaker than consensus; cumulative sales in Dec/Jan revised lower.
- Most sell-side analysts revised their consumption estimates down, taking a couple of tenths out of expected GDP growth for 1Q 16 (currently in the 1.4% to 2.5% range).
- Softer retail sales can be attributed to tighter financial conditions and some setback in consumer confidence…
- …but, in my view, the bulk of the current slowdown continues to be driven by gasoline sales (retail gas prices dropped 10% in February).
Charts in the link: http://bit.ly/US_Retail_Feb_2016