Nevertheless, it will not be superfluous to look at the broader picture. Despite the rebound, retail sales are 8.3% below the January peak. Excluding auto, the decrease is 8.8%. As is the case with labour market data, the initial rebound in macroeconomic data is unlikely to continue to be as easy as it soon rests on cost-cutting Americans who have lost their jobs. There is an impressive share of Americans who have not lost their jobs but switched to a crisis mode of consumption, fearing for their work in the future.
The FxPro Analyst Team