<a href="https://www.zerohedge.com/markets/retail-sales-preview-another-weak-print-due-slumping-tax-refunds">Weak tax refunds were expected to weigh on retail spending going forward,</a> but perhaps not quite yet as expectations were for a MoM rebound from March's unexpected decline with omnciscient BofA forecasting around consensus:

And rebound it did, but the headline print was disappointing - up only 0.4% MoM (vs +0.8% MoM exp) - but core and control group data (which fits into GDP calcs) were better than expected...

Prior months were revised little stronger:

What is more notable is that (nominal) retail sales rose just 1.6% YoY (well below inflation) - the slowest since May 2020 - suggesting the consumer is feeling the pinch in a big way...

All of the YoY measures are at their slowest pace since COVID lockdowns...

Under the hood, 7 out of 13 retail categories rose last month.

The value of motor vehicle sales increased 0.4%, while receipts at gasoline stations fell 0.8%...

The market seems most focus on the Control Group's beat with 10Y Yields up 4bps post-date.

...(nominal) retail sales rose just 1.6% YoY (well below inflation)
{ai:summary}Retail sales in the US rebounded in April, but the headline figure of 0.4% MoM was lower than expected. However, the core and control group data, which factored into GDP calculations, outperformed expectations. Year-on-year growth was just 1.6%, the slowest since May 2020, suggesting the consumer is struggling. The value of motor vehicle sales increased 0.4%, while receipts at gasoline stations fell 0.8%. Overall, 7 out of 13 retail categories saw increases. The market focused on the Control Group's better-than-expected results, with 10Y Yields up 4bps post-data. #economy

Headline US Retail Sales Disappoints In April, Slowest Annual Growth Since May 2020

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