Retail Sales Miss

Instead of +0.1% increase, 0.6% drop. Figure 1: Implied Nonfarm Payroll early benchmark (NFP) (bold blue), civilian employment adjusted to NFP concept, smoothed population controls (bold orange), manufacturing production (red), personal income excluding current transfers in Ch.2017$ (bold green), real retail sales (black), freight services index (brown), and coincident index in Ch.2017$ (pink),…