BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, retail sales increased 0.3% for April, matching estimates, and has grown 4.7% on an annual basis. Removing autos and gas, the monthly increase was also 0.3%. A decent report, indicating consumers are maintaining spending levels at the start of the second quarter. With consumption comprising almost 70% of GDP in the United States, the report shows the economy could continue to slowly grow in the months ahead and the Federal Reserve should remain on track for interest rate increases. Following the report, the ten year U.S. Treasury note moved higher. Equity futures are lower heading into the market open.
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