RETAIL REPORT

March retail sales rose a strong 0.7% M-o-M, February sales were revised up by 0.3% M-o-M, and Y-o-Y sales rose a respectable 4%. However, inflation-adjusted, retail sales have been flat since 3/21, as we shift away from goods to services. Thus, it’s total consumer spending that matters! The big winner, online sales. They rose 0.4% M-o-M and are now less than one percentage point below their 4/20 peak of 20.9%.