Retail sales increased 0.4% for July 2010. The increase was due to auto sales & parts, up 1.7% for the month, and gas sales, up 2.3% for July.
For the year, retail sales have increased 5.5%.
The below graph is retail sales excluding autos, with minus autos & parts, retail sales increased 0.2%.
The below graph is retail trade sales monthly change, minus food sales.
For the past three months, as an average, retail sales are -0.2% lower than the previous three months.
While the press seems to think this report is some god awful news, retail sales did turn positive in comparison to last month's report.
retail sales released yesterday
and I personally didn't think it was that important, so I didn't pull up the graphs and post.
But the press sure seems to think this report is some news we didn't expect and why I sure don't know, retail sales have shown weakness for months now and the PCE also was adjusted down.
Anyway, that's why I posted it, so you could get a data reality check.
It seems every day the financial press picks some topic, almost like a roulette wheel to "explain" the movements in the market.
Anyone else believe for the most part, the stock market price fluctuations are divorced from main street economic reality?