Retail Sales Growth Tumbles To 6 Month Lows, Stuck In Recession Territory

Posted: September 16, 2016 in Uncategorized
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Having warned that retail sales could be weak (based on BofA’s credit card data), year-over-year growth in retail sales rose just 1.9% (its weakest since March’s plunge) and worryingly in historical recession territory. MoM data was disappointing across the entire spectrum with actual contractions versus expectations of gains (Core -0.1% vs +0.3% exp, and Control -0.1% vs +0.4% exp). While clothing and food services saw spending increase, a drop in gasoline spending along with a tumble in ‘retailers’ down 2.4% MoM and sporting goods weighed the overall index down. 

Retail sales less autos fell 0.1% in Aug., est. 0.2% – MISS
Retail sales fell to $456.321b in Aug. vs $457.669b in July – MISS
Retail sales ex-auto dealers, building materials and gasoline stations unchanged in Aug. – MISS
Retail sales ‘control group’ fell 0.1% m/m in Aug., est +0.4% – MISS

The July bounce is over…

Full breakdown…

This is not what Janet wanted… (or maybe it is).

Charts: Bloomberg

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