This morning’s US retail sales report was actually a bit better than expected, taking into account an upward revision of the March number from -0.2% to +0.1%.
The headline number for April printed at 0.3% rather than the expected 0.5%. Net, the two-month gain was 0.6% rather than the expected 0.4%.
Asia Unhedged pointed out last month that the advanced retail sales report from the Commerce Department didn’t square with more optimistic reading of e-commerce. Nothing to write home about, but a tad better than anticipated.