The Morning View: July 16, 2019

  • July 16, 2019

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.

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