Analysts at TD Securities are expecting a firm increase in the US auto sales to be the main driver behind a 0.8% rise in retail sales for May (market: 0.6%).
“Although we expect sales at gasoline stations to remain supportive of the headline figure, it will be so at a lower magnitude reflecting the stabilization in gasoline prices. Furthermore, we anticipate sales in the key control group to rebound modestly at 0.2% m/m following the unexpected flat print in April.”
“Separately, we expect industrial production to advance a soft 0.1% m/m in May, as manufacturing activities likely stayed subdued during the month (market: 0.2%).”
“Lastly, UMich's consumer confidence index is expected to retreat marginally to 98 in June from 100 in the prior month.”
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