BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, Retail Sales for April fell 0.2%, below the slight increase expected. Sales for building & garden materials, electronic & appliance stores, and motor vehicles were weak, while sales at gasoline stations were positive. The control group, which excludes food services, auto dealers, building materials, and gas stations; was flat in April, also below estimates. Overall a weak report showing the consumer may be slowing down their spending levels; however, the one must balance these figures against the strong 1.6% increase for Retail Sales in March. The report is unlikely to change the Federal Reserve’s patient stance on interest rates. Meanwhile, markets are continuing to wrestle with the impact of rising trade tensions between the U.S. and China, which is likely to continue in the weeks ahead. In all, equity futures and bond yields are lower 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.
