Core Retail Sales Surge At Record Pace Amid “Blockbuster” January Report
After three months straight of disappointing declines in retail sales, analysts expected a rebound in January data (with BofA calling for a “blockbuster” report):
And BofA was right – in fact it was even more blockbustery!! Headline retail sales surged 5.3% MoM (against expectations of a 1.1% rise), liftiung the YoY rise to +7.4% – the highest since September 2011…
Source: Bloomberg
The surge erased all of the dip from the last three months…
Source: Bloomberg
Furniture, Electronics, and non-store retailers (e.g. Amazon) all saw sales surge…
This led to the biggest YoY rise in core retail sales (up 11.8%) in history…
Source: Bloomberg
Transitory, Mr. Powell?
Tyler Durden
Wed, 02/17/2021 – 08:38