If this was any other universe and any other planet, the retail sales report would have been looked at as a flop. Sure, the previous period was marked up, but to say that anyone should be happy (at this stage of the cycle) with a sub 1% print is redonckulous.
Looking inside the report, we can see that none of the components really stuck out as an out/under performer. It was generally an equally lackluster month. Remember, this is on the heels of terrific consumer confidence reports. Auto sales dragged and don’t be fooled by the headline that shows a better “ex-autos” number.
Since the peak in mid-2011, retail sales have been in a downtrend. in a downtrend.