00:00Well, shop we must. That seems to be the motto for Americans. Also, throw in inflation and you
00:05get a retail sales headline number up nine tenths of a percent after five tenths last month. And
00:12the expectation was for only six tenths. Now, take out autos and it's eight tenths. Take out
00:17autos and gas and it's five tenths, which is still better than forecast and is still a relatively
00:23strong number. The retail sales control group, particularly strong this time. That's what goes
00:28into GDP for retail sales up seven tenths of a percent after a half percent gain in the month
00:35of April. The forecast was for a four tenths gain. So it is altogether a relatively good
00:43number in terms of Americans keeping up with the economy at this point. Now, the question
00:49is, and we can't immediately do this, but the question is, how much of that do you deflate
00:53for inflation? We know it's hit gasoline prices. What we don't know at this point is how much
00:59of it's made into other prices at this point.
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