U.S. Retail Sales: Don't Confuse the State of the Retail Sector with the State of the Consumer
​Retail sales were weak in June but it is important not to confuse the state of the retail sector with the state of the consumer. In an Amazon world, which epitomizes Schumpeter’s Gales of Creative Destruction, the non-store retailer is king, but this report arguably does a poor job at capturing the strength of this sector on first release (non-store retail sales were up only 0.4% in June, but have gained 9.2% on a year-over-year basis). We will judge the temperature of the consumer more by the jobs report than by retail sales.
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