One of the most anticipated numbers in awhile has beat expectations.
February
Michael Block of Phoenix Partners has the summary:
Nice Retail Sales number. Headline 1.1% vs. 0.5% consensus, ex Autos 1.0% vs. +0.5%, Control Group +0.4% vs. +0.2%. Prior month revised higher. What was strong? Auto parts, Building Materials, Gas Stations, Miscellaneous, Non store retailers. Weak - Electronics, Sporting Goods, Dept Stores, Restaurants. This is a big boost for the U.S. centric growth story. So much for earnings and comps already telling us what we need to know.
The full report is here. Here's a key chart:
BEA |
It didn't happen.