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Thursday, March 28, 2024

Retail Sales “Ex-Autos” Growth Slowest Since January

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Retail Sales rose 0.6% in August – precisely as expected – with July revised from 0.0% to +0.3% but Ex-Autos the +0.3% growth, which matched the revised July number, was the slowest since January’s “harsh weather” impact. The ‘control group’ (ex food, auto dealers, and building materials) missed expectations at +0.4% vs +0.5% exp slipping to its slowest growth in 3 months. Under the surface it appears the gains in sales are driven mostly by a 1.5% rise in auto sales – as more subprime credit is loaded onto the US consumer.

Ex-Autos, sales slipped to its slowest since January:

As the headline growth was driven largely by Auto Sales…

The silver lining is that retail sales rose in virtually all, or 11 of 13, major categories, with just department stores and gas stations seeing a decline:

Finally, here is the retail sales control group on a Y/Y and M/M basis, which feeds into the GDP calculation:

So how long until the “harsh snowfall” crushes this fragile growth once again?

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