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The United States April retail sales is expected to surge by around 8 pct m/m on an anticipated rise in monthly auto sales and pump prices, rising by around 7 pct on an average. However, retail sales growth has been a matter of concern in the recent past, with control group sales rising 2.8 pct on year.
The retail sector seems to be growing on sales in the internet sector and home building materials. The former continues to rise at an average trend pace of 6-7 pct on year.
"Meanwhile, low mortgage rates – current 15Y fixed rates are 2.70%, essentially their lowest since WWII – have lit a fire under the housing market and sales growth in home building materials has shot up to 12% YoY. Not much is sizzling in the US economy but housing probably counts as an important exception," DBS said in a research piece.
