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- U.S. Retail Sales: Projecting an eye-catching drop - TDS
U.S. Retail Sales: Projecting an eye-catching drop - TDS
U.S. Retail Sales: Projecting an eye-catching drop – TDS
FXStreet reports that economists at TD Securities apprise that social distancing likely resulted in dramatic weakening in total retail sales.
“We are projecting an eye-catching 7.5% m/m drop in the headline number for March, which would beat the largest decline on record at -6.5% in Jan 1987.”
“Although a good chunk of the decline in total sales is likely to be explained by tumbling auto sales, we expect the headline ex-auto segment to also post a significant decline (-5.0% m/m).”
“The weakest reading on record for the headline index in the Empire State survey, with data back to 2001, is -34.3 in February 2009. We expect a new record at -40 for April.”
“Industrial production will probably show a huge decline. We project a sharp 6% m/m decline for April.”
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