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Good News And Bad News In Automobile-Driven Decline In Retail Sales For May

The Census’ preliminary numbers for May show a drop in retail sales (PDF) confirming the other bad data:

The good news here is that the bad news was all in automobiles. That, in turn, seems to have been driven by supply disruptions in Japan that caused dealers to cancel discounting. So this indicator ought to come bouncing back to a normal level in the next couple of months.

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