Retail sales weaker than expected (especially in light of fact that May/June were peak months for consumer provisions in stimulus package)

• 0.6% headline; 0.3% ex-autos; -0.2% ex-autos and gasoline

PPI

• Headline up 1.8%; 0.5% core; driven by 3.4% gain in light truck prices; ex-vehicles, core unch
• Intermediate stage (1.9%/0.4%) and crude (4.6%/2.6%) largely driven by energy prices that have since reversed