US Retail Sales Soared In July As Non-Store Retailers Spending Spiked

"Prepare for a big beat" was the message from BofA's sage-like forecasters for this morning's retail sales print....

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And sure enough they were right as July retail sales rose 0.7% MoM (beating the 0.4% jump expected) -the best monthly jump since Jan.

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Source: Bloomberg

Under the hood, everything was green except

• Motor Vehicles and Parts Dealers: -0.3%

• Furniture and home furnishings -1.8%

• Electronics and appliance stores -1.3%

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Non-store retailers soared - with some suggesting this was Amazon's Prime Day...

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On a YoY basis, headline and core retail sales accelerated...

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Source: Bloomberg

Finally, we note that the control group - which is used in the GDP calculation - soared 1.0% MoM (more than double the expected 0.4% MoM rise).

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Source: Bloomberg

One last thing, all of this data is completely divergent from the collapse in retail sales seen by Redbook data...

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Source: Bloomberg

We wonder who's right...

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Source: Bloomberg

Bear in mind that all of these numbers are nominal.

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