US: Data Drought Finally Com
Research Team at TDS, suggests that the US data drought finally comes to
an end today with the release of retail sales, producer prices,
business inventories and consumer sentiment.
Key Quotes
“Stronger auto sales and higher gasoline prices should help retail sales
to rebound in April with TD calling for a 1.0% m/m headline print,
restrained to 0.6% m/m when excluding autos. Core sales should be a more
modest 0.3% m/m (consensus: headline 0.8% m/m, ex. autos & gas
0.6%, core 0.4% m/m).
University of Michigan Sentiment is expected to improve slightly in May,
with the market consensus calling for an 89.5 print (TD: 90.0), though
inflation expectations will be arguably more important to the market.
Business inventories should see a 0.2% monthly build, with TD calling for an above-the-market 0.3% print.
Lastly, producer prices are expected by the market to increase by 0.3%
m/m in April, while TD sees a 0.5% monthly print. Core producer prices
should be slightly softer at +0.1% m/m (TD and market) due to rising
energy prices throughout April.”
