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Free AccessMNI DATA ANALYSIS: US August Retail Sales Rise 0.1%>
--September Retail Sales Ex. Auto Down 0.1%; Control Group Up 0.5%
By Shikha Dave and Harrison Clarke
WASHINGTON (MNI) - The value of retail sales rose by 0.1% in
September overall and fell 0.1% excluding motor vehicle sales, below
expectations for 0.6% and 0.4% gains, respectively, but following
mixed revisions to sales in August, data released by the Commerce
Department Monday showed.
The data suggests that there was indeterminate impact from
Hurricane Florence. A greater impact would be expected from Hurricane
Michael in the October data.
--MOTOR VEHICLE SALES RISE, GAS DOWN
Motor vehicle sales posted a 0.8% increase, led by the replacement
of vehicles in the Southeast, while gasoline station sales fell by 0.8%
in September after a 1.1% August gain, but outside of both motor
vehicles and gasoline, retail sales posted a flat reading.
Clothing stores sales rose by 0.5% in the month, while
building materials sales increased 0.1%. Sales of building materials are
likely to be lifted in the coming months by rebuilding efforts in the
hurricane-impacted regions.
Food services and drinking places' sales fell by 1.8% and
electronics store sales rose by 0.9%. Retail sales excluding autos,
gasoline, and building materials were flat in September. Further,
excluding food services as well as the other three measures, retail
sales were up 0.5% after a flat reading in August, suggesting mixed
underlying growth.
--3Q CONSUMPTION SOLID
Incorporating the mixed revisions to August sales and the downward
revisions to July sales, third quarter retail sales were up 5.1% at an
annual rate from the second quarter average, suggesting upward momentum.
Sales excluding motor vehicles were up 6.4% at an annual rate from
the previous quarter, while sales excluding autos, building materials,
and gas were up 6.0%. Even when food services were also excluded,
third quarter sales were up 4.8% at an annual rate from the second
quarter, pointing to underlying strength outside the volatile
categories.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.