High Frequency Economics - January retail sales rose 0.3%, above the consensus -0.2%. Sales ex-autos rose 0.3%, marginally above the consensus, 0.2%. But Nov and Dec sales ex-autos were jointly revised down 0.1%. The big surprise here is the 0.6% rise in auto dealers' sales, despite the automakers' reporting a 6.4% plunge in sales. The data don't always move together but this is a huge gap; it appears to suggest that all the drop in sales was to fleet buyers rather the individuals.