Aug retail sales +0.1% vs +0.4% expected by.>

US DATA: Aug retail sales +0.1% vs +0.4% expected by analysts and +0.7% 

expected by markets, while ex-mtr veh +0.3% vs +0.5% expected, with 

notable declines in both vehicle sales and clothing sales pulling down 

the headline numbers. July sales were rev higher. 

- Vehicle sales -0.8% compared with expectations for a smaller decline 

by analysts.

- Gas station sales +1.7%, providing the key offset, as sales would have 

been -0.1% ex. gas. Looking deeper, Aug sales ex. mtr veh and gas +0.2% 

and +0.1% ex auto, bldg mat, gas and food services, suggesting 

underlying growth slowed after a very strong July.

- Building materials sales flat, while food services +0.2%, clothing 

sales -1.7% (largest drop since Feb 2017), and department stores -1.0%.  

- Through two months of 3Q, retail sales were 5.3% above the 2Q average 

at an annual rate, with the sharp gain in July the key factor. Ex. 

mtr veh, retail sales were +7.1% from the 2Q average, and were +4.7% ex. 

autos, bldg materials, gas, and food services.