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The New York Fed's new index designed to more quickly capture the state of the economy declined in the week of June 6 for the first time in more than a month.
The state of play: The retreat was driven by a falling retail sales report that more than offset a small increase in consumer sentiment, it said.
What happened: The Census Bureau's quarterly financial report released Monday for Q1 found seasonally adjusted after-tax profits for U.S. retail companies with assets of $50 million or more fell more than expected, dropping by $5.6 billion quarter over quarter and by $3.9 billion year over year.
- Without seasonal adjustment, the decline was $8.7 billion quarter over quarter and $3.9 billion year over year.
Of note: Seasonal adjustment has become a contentious issue since the coronavirus pandemic hit. The practice has been altering reported findings by millions or even billions and in some cases turning net gains into net losses and vice versa.