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Solid Retail Sales Report, Though May Be Flattered By Inflation

US DATA

A solid October retail sales report, with stronger revisions to prior, and a robust +0.7% M/M control group number (which is what feeds into the GDP calculations).

  • The 1.3% overall gains included positive M/M readings in most categories.
  • As usual, the impact of inflation will be a point of contention for October's retail sales beat - real retail sales is close to flat Y/Y (vs the 8.3% Y/Y gain in nominal).

Source: MNI, Census Bureau, BLS

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