Retail Sales data in the United States (US) will be released by the US Census Bureau on Tuesday. The headline number is forecast to increase 0.7% in April after posting the second straight monthly drop in March.
The US Dollar (USD) has been on a sustained recovery following last week’s United States Consumer Price Index (CPI) figures for April. The US Retail Sales report could have a significant impact on the US Dollar’s valuation amid a lack of high-impact economic data releases from the US docket this week.
What to expect in the next US Retail Sales?
Tuesday’s US economic calendar features the release of the Retail Sales report for the fourth month of the year.
On a monthly basis, the headline Retail Sales are seen rebounding 0.7% during the reported month. Excluding autos, core Retail Sales are likely to have jumped 0.4% in April as against a 0.4% decline registered in March. US Retail Sales Control Group for April are foreseen at 0%, compared with March’s 0.3% decrease.
Economists expect the increase to be driven by robust spending on cars and fuel. Meanwhile, the Financial Times (FT) reported that “the outlook for retail sales is mixed as continued strength in the labor market and wages is likely to support consumer spending.”
According to analysts at BBH, “the data highlight will be April retail sales Tuesday. The headline is expected at 0.8% m/m vs. a revised -0.6% (was -1.0%) in March, while ex-autos is expected at 0.4% m/m vs. a revised -0.4% (was -0.8%) in March. The so-called control group used for GDP calculations is expected at 0.3% m/m vs. -0.3% in March. In late April, the Census Bureau reported its annual revisions to the retail sales data.”
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