Market Insights

MACRO

06/14/23 08:48 AM EDT

CHART OF THE DAY: No Bueno --> Redbook Retail Sales

Christian Drake

Below is a brief excerpt and chart from today's Early Look written by Hedgeye Macro analyst Christian Drake.

Redbook SS Sales → Redbook Same Store (retail) sales slowed to +0.40% Y/Y, marking a 4^th consecutive week of deceleration and the lowest RoC print of the cycle. In the context of cycle/multi-decade high growth in revolving credit and the fact that this series is reported nominally and the retail fubar’ness comes into even starker reality.

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