December advance retail sales
- Prior was -1.1% (revised to -1.4%)
- retail sales ex auto -1.4% vs. -0.2% estimate
- retail sales ex auto and gas -2.1% vs. -0.3% estimate
- retail sales control group -1.9% vs. +0.1% estimate
This is a poor report and the November numbers were revised significantly lower as well.
- November retail sales ex auto revised to -1.3% from -1.1%
- November retail sales ex auto and gas revised to -1.3% from -0.8%
- November retail sales control group revised to -1.1% from -0.5%
So much for that strong Target same-store sales report.
The market might forgive this because of the huge stimulus packages that are in the pipeline but it's also a reminder that the economy is a long way from a self-sustaining recovery.
Areas that were particularly weak were 'food & beverage' -1.4% m/m, department stores -3.8%, non-store retailers (online) -5.8%, eating/drinking -4.5%, and general merchandise -1.2%. The only positive surprises were building materials +0.9% and clothing +2.4%
