Parsing the Retail Sales Release
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Sales rise, overall hits consensus. However, gasoline store sales constitute majority of increase.
Figure 1: Change in retail sales (black line), change in retail sales ex-gasoline stations (blue bar), change in retail sales from gasoline stations (red), all in millions $, s.a. Source: Census.
Most of the increase in retail sales in April is accounted for by sales from gasoline stations.
What has happened to retail sales ex-gasoline stations? Quantitatively, it depends on the deflator, but qua
Figure 1: Change in retail sales (black line), change in retail sales ex-gasoline stations (blue bar), change in retail sales from gasoline stations (red), all in millions $, s.a. Source: Census.
Most of the increase in retail sales in April is accounted for by sales from gasoline stations.
What has happened to retail sales ex-gasoline stations? Quantitatively, it depends on the deflator, but qua
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