Retail sales in September were not good at the headline level but were positive at the core level. Retail sales slipped 0.1 percent in September, following a 0.2 percent rise in August (previously up 0.2 percent). Analysts projected no change for September. Autos fell 2.2 percent after a 0.7 percent rebound in August. Retail sales excluding autos gained 0.4 percent after nudging up 0.1 percent in August. The August figure posted slightly higher than the median forecast for a 0.3 percent increase. Gasoline sales were unchanged in September, following a 0.3 percent decline the month before. Excluding both autos and gasoline components, sales gained 0.4 percent, following a 0.1 percent rise in August. Expectations were for a 0.3 percent advance.
Within the core, gains were led by food & beverage stores, food services & drinking places, and electronics & appliance stores. Importantly, some of the components show improved discretionary spending. Also positive were furniture & home furnishings, building material & garden equipment, health & personal care, sporting goods & hobby & etc., general merchandise, and nonstore retailers.
On the downside were miscellaneous store retailers and clothing & accessory stores.
Auto sales have been volatile on a monthly basis due in part to off and on discounts by manufacturers but the level is healthy. And gasoline sales have been weighed down by prices recently. However, core sales over the last three months have been moderately healthy despite glum consumer sentiment. Apparently, consumers have to spend even if they are in a bad mood.
Within the core, gains were led by food & beverage stores, food services & drinking places, and electronics & appliance stores. Importantly, some of the components show improved discretionary spending. Also positive were furniture & home furnishings, building material & garden equipment, health & personal care, sporting goods & hobby & etc., general merchandise, and nonstore retailers.
On the downside were miscellaneous store retailers and clothing & accessory stores.
Auto sales have been volatile on a monthly basis due in part to off and on discounts by manufacturers but the level is healthy. And gasoline sales have been weighed down by prices recently. However, core sales over the last three months have been moderately healthy despite glum consumer sentiment. Apparently, consumers have to spend even if they are in a bad mood.
