Macro Investors
September 20, 2024 BONUS >> What the latest economic indicators reveal
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⚡ Retail Sales: A Glimpse of Consumer Softening
Let’s start with retail sales. In August, US Core Retail Sales eked out a 0.1% rise, just under the 0.2% forecast. If you were looking for a strong recovery, this wasn’t quite it.
Even though we dodged a negative print, this figure is still down from the previous 0.4%. It reminds me of March 2020, when weak sales pushed the S&P 500 into a 12% decline.
And sure enough, back then, it was consumer demand - or rather, the lack of it - that had everyone worried. In contrast, July’s 1.1% bump gave markets some optimism, but the current cooling suggests the economy might not be as resilient as hoped.
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