Retail Sales Jump

The 1.2% gain in April retail sales shows consumer spending has been much stronger than anyone expected

Overall retail sales jumped 1.2%, and the ex-auto sales rose an equally impressive 1.0%. The figures were even stronger than the already aggressive figures (relative to median estimate) that we were expecting. This, combined with a net upward revision to the level of sales through March, sets a solid trajectory for consumer spending in the second quarter.

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