The Chicago Fed’s nowcast of retail & food services sales (ex autos) growth in May is 0.3% MoM and 4.4% YoY, revised down slightly from an initial estimate of 0.4% MoM.

• The nowcast is based on positive contributions from all data sources: transactions (14 bps), foot traffic & sentiment (+9 bps), and Census data (+10 bps).
• The nowcast for retail & food services sales (ex autos) price growth remains unchanged at 0.0% MoM. The annual rate has been revised slightly lower to -0.2% YoY from -0.1% YoY previously.
• With prices expected to decline slightly, inflation adjusted retail sales are expected to grow 0.4% MoM.