Mar 15, 2021 AT 07:15PM

As per latest aggregated monthly credit and debit card data, BAC finds a 2.3% M/M decline in core retail sales (ex-autos) in February, a drop which reflects three main factors:

1. payback from the stimulus-induced gain in January;
2. delayed tax refunds;
3. Winter blizzard.
   
   

As such, the banks measure of “core control retail sales”, which nets out autos, gas, building materials and restaurants is down 3.0% mom SA.