CS Monitor: “Unexpectedly weak retail sales data adds to signs that the US economy is slowing again after pulling out of the soft patch earlier in the year,” MarkIt economist Chris Williamson writes via e-mail. The worry, he says, is that a reasonably strong spring was not representative of long-term trend, but merely a rebound from slowness in the first quarter.
“The weakness of the sales data in June, alongside disappointing PMI survey data and a smaller than hoped-for rise in non-farm payrolls, all points to the economy having moved down a gear after this rebound, settling into a far weaker underlying pace of growth than was seen throughout much of last year,” he writes.
It was a broad-based decline, with almost all retail categories seeing a drop. Auto sales dipped 1.1 percent after a strong 1.8 percent rise in May. Sales at building and garden stores fell 1.3 percent, and furniture sales saw a 1.6 percent drop – the steepest since January of this year.
Auto sales took a dive. Autos was the sector that was going to save us. Are these YoY numbers? Not sure, they seem to be Month over month. This economy has reverted back to the doldrums, growth this year will be near 1.5% YoY, assuming we do not crash.
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