US Retail Sales Disappoint In October As Fiscal Stimulus Fades
Tue, 11/17/2020 – 08:38
Following September’s surprise surge in retail sales, analysts expected a significant slowdown in growth in October but the data was even worse with headline US retail sales rising just 0.3% MoM (vs +0.5% MoM) and last month’s surge was notably revised lower (from +1.9% MoM to +1.6% MoM).
On a year-over-year basis, both goods and services retail sales growth slowed, but remain relatively high…
Under the hood, Furniture, clothing, and sporting goods all saw a notable drop in sales, as Non-store retailers (online/Amazon) surged…
Finally, the Control Group data – used for GDP calculations – was even worse, rising just 0.1% MoM…
It appears Washington needs to send more free money or Americans will have to face reality.
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