BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, Retail Sales for March increased 1.6%, much stronger than the 1% expected. The control group; which excludes food services, auto dealers, building materials, and gas stations; increased 1.0% for March, also much stronger than the 0.4% expected. A decent rebound from the negative readings in February, indicating consumers appear resilient despite the choppy Retail Sales data in recent months. The firm labor market, with low unemployment and growing wages, will also provide support. Amidst expectations of a slowing economy, a resilient consumer should soften fears of a dramatic slowdown, given consumer spending comprises nearly 70% of GDP. In all, bond yields ticked up following the report and equity futures are higher this morning heading into the market open.
This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.
