Advanced retail sales printed at 0% MOM for April vs. an expectation of 0.2%, while retail sales ex-auto and ex-gas came out at 0.2%, vs. an expected level of 0.6%. Year on year, retail sales are now in negative territory for the first time since 2009. That includes the effect of lower gas prices, to be sure, but the number shows that the economy drew no benefit at all from the drop in oil prices, contrary to the consensus model.

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