Despite a fourth monthly decline in real earnings, the good ol' American consumer is doing what she does best - consume. Retail sales surged 0.8% MoM (much better than expected) and 5.8% YoY - the best since March 2012.
Data beat across the board... except motor vehicles and parts dealers - everything else is surging.
However, it is worth noting the spike in gasoline station spending - which accounted for a third of the surge MoM in the headline print... not exactly a positive spending scenario.
With online sales (nonstore retailers) dominating - up 2.5% MoM (biggest since July 2015), up 10.4% YoY.
