BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, Retail Sales increased 0.4% in June, more than expected. The increase was driven by strength in non-store retailers and motor vehicles. The Control Group, which excludes sales for food, autos, building materials and gas stations, increased 0.7% in June, also higher than expected. Overall, a strong report following up decent readings in May. While consumers continue to spend money, it has yet to feed through to higher inflation. Meanwhile, as the earnings season is upon us, keys for the quarter will be how companies are faring amidst decent consumer spending, some slowing economic data, and continuing trade uncertainty. In all, bond yields ticked higher following this morning’s data and equity futures are higher 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.
