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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.
US DATA
US advance retail sales for July easily beat expectations, with the headline figure coming in at +0.7% M/M vs 0.4% expected (and 0.3% June), ex-auto/gas up 1.0% vs 0.4% expected (and 0.4% June), and the GDP input Control Group up 1.0% vs 0.5% expected (and 0.5% June).
- The prior two months were revised up as well.
- There was strength across most major categories, including building materials +0.7%, food and beverage stores +0.8%, clothing +1.0%, sporting goods +1.5%, general merchandise +0.8%, nonstore (ie online) +1.9%, and restaurants/bars +1.4%. Gasoline sales rebounded to +0.4% after months of falling price-related declines.
- Standing out for their weakness were furniture -1.8%, electronics and appliances -1.3%, and motor vehicles and parts -0.3%.
- Overall this was a firm report, especially in the context of the recent moderation in inflation. "Real" (CPI index deflated) retail sales fell by the least Y/Y since January (-0.1%), while nominal Y/Y sales were the strongest since February (3.2%).
- There is no suggestion of weakness in the US consumer at the start of the 3rd quarter in this report, and perhaps even a hint of acceleration.
Source: BLS, Census Bureau, MNI
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.
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