A Mixed Bag for Q2
· Economic data this week was rather mixed, with positive signs out of the consumer, but faltering signs out of the industrial sector and housing in April.
· Retail sales increased 0.1 percent in April; however, the headline number understates the strength in sales. Declining prices at the pump drove nominal retail sales lower. Excluding sales at gasoline stations, retail sales were up 0.7 percent.
· Weak global growth is weighing on the industrial sector. Manufacturing output fell for the second consecutive month in April.