Investment Updates
Good News: Real Retail Sales Dropped Fractionally In The Past Year
Published Friday, July 15, 2022 at: 7:57 PM EDT
Retail sales climbed by +8.8% in the 12 months through June, according to the release Friday at 8:30 a.m., by the Census Bureau. The news brightened the near-term economic outlook, and it sparked a +1.9% one-day surge in stock prices.
The sharp rally in stocks followed Wednesday’s worse-than-expected inflation release showing the Consumer Price Index (CPI) soared +9.1% in the same 12-month period through June. To be clear, the +8.8% retail sales surge, after adjusting for the +9.1% CPI, meant real retail sales in the past year were slightly negative -- down three tenths of 1%, and the stock market shot up nearly +2% on that news.
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