Core retail sales for March came in below expectations. Core retail sales adjusted for inflation are now down 3.8% over the previous year.
Since 1994, this has only occurred on two months that were not associated with recessions and never to this magnitude. Inflationary impacts are constricting volumes rather than consumers rushing to buy ahead of further price hikes.
This has made its way into trucking rates and their associated equity prices have come under heavy pressure this month.
On the plus side, jobless claims remain extraordinarily low.
Housing data came in better than feared amid surging mortgage rates.
And lastly, business Purchasing Managers’ Index data continues to hold up.