The 0.3% m/m increase in retail sales included a 1.4% m/m gain in the value of motor vehicle sales, which is very hard to square with the 6.5% m/m decline in light vehicle unit sales already reported by manufacturers. Note that the latter is the source data for the monthly and quarterly real consumption data. The motor vehicle surprise largely explains why retail sales handily beat the consensus forecast for a 0.3% m/m decline.
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