US May Retail Sales Growth Slows down
On June 15, in the United States,
・Retail sales for May fell 0.3% from the previous month, missing expectations
・New York Fed Manufacturing Index for June at -1.2, forecasts were +2.3
・NAHB Housing Market Index for June fell to 67, in line with market expectations
has been announced.
Retail Sales
Even though growth has slowed, it is still far above the past trend.
The United States overdid its economic stimulus in response to the COVID-19 pandemic. This will likely keep inflation severe.
Moreover, due to inflation, real retail sales have remained flat.
For reference, in Japan where economic stimulus was moderate, consumption is not growing.
Inflationary pressures from demand are not rising either.
Next, the NY Fed Manufacturing Index continues to suggest the ISM index under 50. The economy remains on a slowing path.
Even though growth has slowed, it is still far above the past trend.
The United States overdid its economic stimulus in response to the COVID-19 pandemic. This will likely keep inflation severe.
Moreover, due to inflation, real retail sales have remained flat.
For reference, in Japan where economic stimulus was moderate, consumption is not growing.
Inflationary pressures from demand are not rising either.
Next, the NY Fed Manufacturing Index continues to suggest the ISM index under 50. The economy remains on a slowing path.
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