Advance retail sales for August missed expectations, rising 0.2% month-over-month (m/m), compared to the 0.5% advance forecasted by economists surveyed by Bloomberg, but July's 0.2% gain was upwardly revised to an increase of 0.4%. Moreover, August sales ex-autosincreased 0.1%, versus expectations of a 0.3% increase, while the 0.5% gain in the previous month was revised to a 0.6% rise. Finally, sales ex-autos and gas were higher by 0.1% m/m in August, compared to the 0.3% increase that was anticipated, and July's rise of 0.4% was adjusted higher to a 0.6% increase. The report was mixed as the upward revisions to July's data was a positive sign, along with gains in August sales for autos, home furnishings, electronics & appliances, as well as department stores. However, sales of building materials and clothing were lower m/m.
In other consumer-related news, the preliminary University of Michigan Consumer Sentiment Index fell more than expected, dropping to 76.8 in September-the lowest reading since April 2013-from 82.1 in August, compared to economists' expected dip to 82.0. The disappointing report came as both the economic conditions and the outlook components of the report declined solidly. On inflation, the 1-year outlook rose from 3.0% in August to 3.2% this month, and the 5-year inflation outlook ticked higher to 3.0% from 2.9%.
Source:Schwab
In other consumer-related news, the preliminary University of Michigan Consumer Sentiment Index fell more than expected, dropping to 76.8 in September-the lowest reading since April 2013-from 82.1 in August, compared to economists' expected dip to 82.0. The disappointing report came as both the economic conditions and the outlook components of the report declined solidly. On inflation, the 1-year outlook rose from 3.0% in August to 3.2% this month, and the 5-year inflation outlook ticked higher to 3.0% from 2.9%.
Source:Schwab
