BofA's omnipotent analysts track record on retail sales looks to be tested once again with a worse than consensus forecast (for an already downbeat expected print) in June...
BUT... for once they were wrong with retail sales far better than expected - though notably the headline print was unchanged Mom (-0.3% exp). but May was also revised higher from +0.,1% to +0.3% MoM. The YoY retail sales growth slowed to just 2.3% - the slowest since February...
Source: Bloomberg
For context, May 2024's upward revision was the largest since May 2023...
Source: Bloomberg
Core (Ex-Autos) retail sales soared 0.4% MoM (well above the 0.0% exp) and May was also revised higher.
The Control Group - used in the calculation of GDP - exploded 0.9% MoM higher - smashing the +0.2% expectations()
Non-store retailers (online) were the biggest driver of the gains in June while motor vehicles and parts dealers saw sales plunge...
Source: Bloomberg
On a non-seasonally adjusted basis, retail sales were +0.2% YoY with Motor Vehicle Sales the largest contributor to the downside....
Source: Bloomberg
Finally on a non-seasonally-adjusted basis, real retail sales (roughly 'adjusted' for CPI) tumbled YoY in June...
Source: Bloomberg
As seasonals saved the day...
Source: Bloomberg
...aaah, Bidenomics!
