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Retail sales is the third report for June out of the four main coincident indicators that show whether the economy is in recession or expansion. And they were the third that grew again for the month. In fact, in real, inflation-adjusted terms, they were higher than in February, the last month before the coronavirus pandemic hit:
They were also only 0.4% lower than their all-time high set last August.
And they were also slightly *higher* YoY (0.4%), as shown in the below graph:
Beyond that, over the long haul, real retail sales have been a