US Retail Sales Up 5% Year-Over-Year, Gasoline Contribution Fades
Headline US retail and food services sales were 5% higher than a year ago, but gasoline station receipts have now fallen for two months and accounted for nearly a quarter of the annual gain.
The latest US retail and food services sales data came in 5% higher than a year earlier, suggesting the consumer remains in reasonable shape.
Nearly a quarter of that increase came from gasoline stations, where spending was described as a war tax rather than a purchase. Those gasoline receipts have now declined for two consecutive months, reducing a key driver of the headline gain.
Source: FXStreet Forex News