Here come retail sales ...
The economic indicator we've been waiting for all week is finally here.
At 8:30 a.m. ET, the Department of Commerce will publish
Excluding auto sales, they forecast a 0.5% rise, and 0.3% excluding auto and gas sales. The retail sales control group, which feeds into gross-domestic-product calculations, is expected to gain 0.4%.
The headline retail sales rise would represent a bounce back from the 0.4% drop reported in the prior month. That would reflect a boost from strong auto sales and a slight increase in gas prices, according to Deutsche Bank's Jim Reid.
After a dismal week for retail earnings, this report gains even more significance. Shares of Macy's, Gap, Nordstrom, JC Penney and others tanked after their quarterly results showed they are still facing headwinds from online shopping to changing consumer tastes.
Economists would also be using the data as a proxy for consumer spending, to gauge whether this critical driver of the US economy will continue to sustain growth in the second quarter.
We'll have the latest at the bottom of the hour, so refresh this page for updates.
- Global stocks rally even as Sensex, Nifty fall sharply on Friday
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study