Within the core, softness was seen in declines furniture & home furnishings, building materials, nonstore retailers, clothing & accessories, and sporting goods & hobbies. Gains were posted for electronics & appliances (likely iPhones), health & personal care, general merchandise, and food services & drinking places.
Today's report is very mixed. It was not surprising that a downswing in autos after a strong August pulled down sales. And the same was expected for gasoline prices pulling down sales. But core sales eased despite a surge in electronics sales. Core sales eased after a very strong August. On a very positive note, food services & drinking places gained a robust 0.6 percent, matching the pace for August. This is a very discretionary component, suggesting that the consumer is still spending.
Recent History Of This Indicator:
Retail sales jumped 0.6 percent in August after a rise of 0.3 percent the month before. The July upward revision was significant-the previous estimate was zero. Excluding autos, sales gained 0.3 percent in both August and July. Excluding both autos and gasoline sales were quite healthy, increasing 0.5 percent, following a rise of 0.3 percent in July.
Retail sales jumped 0.6 percent in August after a rise of 0.3 percent the month before. The July upward revision was significant-the previous estimate was zero. Excluding autos, sales gained 0.3 percent in both August and July. Excluding both autos and gasoline sales were quite healthy, increasing 0.5 percent, following a rise of 0.3 percent in July.
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