Musings on the Path of Real Retail Sales ex-Auto, Gasoline (opens in new tab)

Down from February, both real and nominal: Figure 1: Retail sales ex-auto, ex-gasoline stations, in mn$/mo (blue), in mn2025$/mo (red), both s.a. Deflation using supercore CPI. Light green shading denotes US-Iran war. Source: Census via FRED, BLS, and author’s calculations. Real retail sales thus defined are now down 1% in log terms. Gas prices averaged […]