Ex Auto 0.7% vs +0.4% estimate.
US retail sales came in much better than expected. The headline retail sales came in at 0.6% versus 0.1% however the prior month was revised down to 0.2% from 0.5%. The X auto and gas rose by a greater than expected 0.7% versus 0.3% (prior month revised 0.2% from +0.3%). The "core group" rose by 0.5%. This is used to calculate GDP. Look for GDP estimates for the second quarter to be increased later today.
US retail sales for June 0.6% vs 0.1% estimate. Ex auto/gas 0.7% vs +0.3%
