US Retail Sales: Projecting an eye-catching drop – TDS
|Social distancing likely resulted in dramatic weakening in total retail sales, economists at TD Securities apprise.
Key quotes
“We are projecting an eye-catching 7.5% m/m drop in the headline number for March, which would beat the largest decline on record at -6.5% in Jan 1987.”
“Although a good chunk of the decline in total sales is likely to be explained by tumbling auto sales, we expect the headline ex-auto segment to also post a significant decline (-5.0% m/m).”
“The weakest reading on record for the headline index in the Empire State survey, with data back to 2001, is -34.3 in February 2009. We expect a new record at -40 for April.”
“Industrial production will probably show a huge decline. We project a sharp 6% m/m decline for April.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.