This chart from today's Early Look by Christian Drake shows a comp distortion created by the post-Omicron growth rebound in January 2023.

As can be seen in the Restaurant and Discretionary Retail traffic data below, the most comp-sensitive parts of the consumer economy have definitely not been able to clear that comp hurdle in January.  

CHART OF THE DAY: Near Zero Chance Retail & Restaurant Traffic Matches Omicron Comp - CoD2 Consumer

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CHART OF THE DAY: Near Zero Chance Retail & Restaurant Traffic Matches Omicron Comp - 8efSpA7

CHART OF THE DAY: Near Zero Chance Retail & Restaurant Traffic Matches Omicron Comp - 4xOP6iia

CHART OF THE DAY: Near Zero Chance Retail & Restaurant Traffic Matches Omicron Comp - Optionsbanner

CHART OF THE DAY: Near Zero Chance Retail & Restaurant Traffic Matches Omicron Comp - Lacallebanner

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