Retail Sales Suffer Biggest 2-Month Drop In A Year After Huge Negative Revision

Thanks to dramatic downward revisions (from "resilient" historical data which we pointed out were entirely anomalous at the time) retail sales have dropped 0.54% in the last two months – the biggest sequential drop in a year. While the YoY change rose from +3.0% to +3.1%, it remains below historically-recessionary levels and given the revisions suggests Q1 GDP growth markdowns are on their way with sales down MoM for every cohort from gas stations to furniture.

Retail Sales down most in a year…