The US Commerce Dept has issued benchmark revisions to retail sales and that's led to a positive change to the March data.
- Retail sales -0.6% vs -1.0% initially
- Ex autos to -0.4% vs -0.8% initially
- Ex autos and gas -0.3% vs -0.3% initially
- Ex autos, gasoline, building materials and food service -0.3% vs -0.3% initially
Benchmark revisions are always tricky because that positive revisions to the latest month are likely accompanied by negative revisions elsewhere. Still, it doesn't show quite the same degree of spending slowdown.
