CORRECTION: Redbook (YoY) 5.8% Vs 6.3% YoY; U.S. Retail Sales First 4 Weeks May +6.0% Vs May Year
Portfolio Pulse from Benzinga Newsdesk
The Redbook year-over-year (YoY) retail sales growth rate has been corrected to 5.8%, down from the previously reported 6.3%. Additionally, U.S. retail sales for the first four weeks of May increased by 6.0% compared to the same period last year.
June 04, 2024 | 12:59 pm
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NEGATIVE IMPACT
The correction in the Redbook YoY retail sales growth rate to 5.8% from 6.3% and the 6.0% increase in U.S. retail sales for the first four weeks of May may have a neutral to slightly negative impact on SPY in the short term.
The correction in the retail sales growth rate indicates a slower growth than previously reported, which could lead to a slight negative sentiment in the market. However, the overall increase in retail sales for May still shows positive growth, balancing the impact.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50