US retail spending and Canadian inflation data point to stubbornly-robust demand
US retail spending rose by less than expected last month, but consumer demand remained strong, keeping recessionary fears at bay and helping support yields across the front end of the curve. According to figures published by the Census Bureau this morning, total receipts at retail stores, online sellers and restaurants rose 0.4 percent on a month-over-month basis in April, up 0.2 percent over a year prior. Markets were expecting a 0.8 percent headline gain. Gas station sales fell -0.8 percent month-over-month, while motor vehicle and parts dealers posted a 0.4 percent gain. Receipts at food services operations rose 0.6 percent, and...