Retail sales came in hotter than expected—up 0.8% vs the 0.3% consensus. Strip out autos and you still see 0.9% growth.
But here's the wrinkle: the control group (what the Fed watches closely for GDP math) cooled sharply to just 0.1%, down from 1.2% prior.
Consumers are still spending, but the momentum is slowing where it counts. This is the kind of data that makes you wonder if the economy is running on fumes or just catching its breath.
But here's the wrinkle: the control group (what the Fed watches closely for GDP math) cooled sharply to just 0.1%, down from 1.2% prior.
Consumers are still spending, but the momentum is slowing where it counts. This is the kind of data that makes you wonder if the economy is running on fumes or just catching its breath.