Retail sales up 0.7% in September, topping expectations for small decline

• September Retail Sales: +0.7% M/M vs. -0.1% consensus and +0.9% prior (revised from +0.7%).
• Core Retail Sales: +0.8% M/M vs. +0.4% consensus and +2.0% prior (revised from +1.8%).
• Ex-Auto & Gas: +0.7% M/M vs. +0.7% consensus and +2.1% prior (revised from +2.0%).
• The numbers reflect "rock solid" U.S. households says RSM US Economist Joseph Brusuelas. Still, he sees a "tale of two reports... I anticipate a decline in the top line due to supply chain disruptions around auto production/sales while solid elsewhere reflecting strength of household."
• Total sales for September increased 13.9% on Y/Y basis.
• Retail trade sales increased 0.8% from August and 12.2% Y/Y; gasoline stations jumped 38.2% from September 2020, while food and drinking places (i.e., bars and restaurants) climbed 29.5% Y/Y.
• On Thursday, the producer price index increased 8.6% in September, reaching a series high, but coming in a hair under consensus