Analysts at TD Securities are expecting another firm increase in the US retail sales with the control group (+0.5% m/m) the main driver behind a 0.3% rise in the headline measure for April.
Key Quotes
“The increase in the latter would represent a mean-reversion in growth following the notable 1.6% jump in March that likely reflected, to a large extent, a normalization in tax refunds.”
“We also expect a soft 0.1% m/m increase in April industrial production, on the back of a 0.2% gain in manufacturing activities. However, recent uninspiring performance and lingering external headwinds increase the risk for a downside surprise in the latter.”
“Lastly, the Empire Manufacturing index is expected to give back some of its April strength, declining from 10.1 to 8.0 in May.”
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