RPT--🇺🇸❗️Cable FX Macro Weekly Note: U.S. May Retail Sales

**As seen in Risk In The Week report 06/14/24, subscribe at cablefxm.co.uk/reports

U.S. retail sales slowed to print flat in April from the prior 0.7% monthly increase, this missed the median survey of 0.4% (the prior figure was revised lower to 0.6%). The metric excluding auto sales rose 0.2% M/m, in line with estimates. Ex-auto & fuel and the control group declined by 0.2% and 0.3%, respectively. The report showed signs of easing consumer spending, motor vehicle parts and non-store retailers represent the biggest weight in the Census Bureau calculations, and contributed negatively in April. Economists at Wells Fargo Securities noted the recent pullback in household spending coinciding with customer foot traffic falling as shoppers become price-sensitive. Wells Fargo pencils a +0.2% monthly rise in May but suspects consumption is heading to a more modest pace of growth in H2, they noted department stores being flat on the month, while vehicle sales rose marginally.