尽管消费者信心处于历史低点，美国零售销售额仍创八个月来最大年度增幅。

尽管消费者信心处于历史低点，美国零售销售额仍创八个月来最大年度增幅。
Despite Record Low Sentiment, US Retail Sales See Strongest Annual Gain In 8 Months

原始链接: https://www.zerohedge.com/personal-finance/despite-record-low-sentiment-us-retail-sales-see-strongest-annual-gain-8-months

尽管最初的预测显示经济放缓，但美国四月份零售额仍增长了0.5%，同比增长4.9%，创下自2023年8月以来的最大增幅。虽然汽车和服装消费支出的减少造成了拖累，但加油站和在线零售商的增长抵消了这些影响。值得注意的是，直接计入国内生产总值（GDP）计算的“核心零售额”表现优于预期，且三月份的数据也进行了上调。经通胀调整后，零售额自去年十二月以来稳步回升。这一数据表明，客观消费习惯与处于历史低点的消费者情绪之间存在日益扩大的脱节，引发了人们对当前消费者信心调查准确性的质疑。

After a big jump in March, retail sales likely cooled in April, according to BofA's almost omniscient forecast as they see spending on gasoline providing a smaller boost and auto sales moderating, after an early Easter pulled forward some seasonal demand into March. The “holiday shift” dynamic also may have contributed to softer activity after Easter.

However, the actual print was +0.5% MoM (as consensus expected - and hotter than BofA's forecast), lifting sales by 4.9% YoY - the strongest gain since Aug 2025

Source: Bloomberg

Gas Stations and Nonstore (Online) Retailers were the biggest positive factor while Motor Vehicle & Parts and Clothing were the biggest drags...

Source: Bloomberg

Most importantly, the 'Control Group' which plugs into the GDP calculation rose 0.5% MoM (better than expected) and March was revised higher...

Source: Bloomberg

Interestingly, 'real' retail sales (admittedly crudely adjusted via CPI) have rebounded from a negative print in December...

Source: Bloomberg

So far it seems spending continues despite record low consumer sentiment?

Who exactly is UMich surveying for this?

尽管消费者信心处于历史低点，美国零售销售额仍创八个月来最大年度增幅。 Despite Record Low Sentiment, US Retail Sales See Strongest Annual Gain In 8 Months

尽管消费者信心处于历史低点，美国零售销售额仍创八个月来最大年度增幅。
Despite Record Low Sentiment, US Retail Sales See Strongest Annual Gain In 8 Months