Real US Retail Sales Tumble (Again) In September
US retail sales were expected to rise 0.2% MoM in September but instead were disappointedly unchanged. On a year-over-year basis, retail sales (nominal) rose 8.2%, the weakest since April chart Ex-Autos and Ex-Autos and Gas both rose more than expected (+0.1% vs -0.1% exp and +0.3% vs +0.2% exp respectively). On a YoY basis, core retail sales rose 6.6%., exactly in line with Core CPI's 6.6% YoY rise... chart The control group - which feeds directly into GDP - rose 0.4% MoM (above the +0.3% expectation). And finally, we remind readers that retail sales data is nominal - i.e. not adjusted for inflation. While we ... (full story)
US Retail Sales Stagnate as Inflation, Rates Hit Consumers
US retail sales were sluggish last month, suggesting shoppers are becoming more guarded about discretionary purchases in the worst inflationary environment in decades. The value of overall retail purchases were little changed in September after an upwardly revised 0.4% gain in August, Commerce Department data showed Friday. Excluding gasoline, retail sales were up 0.1%. The figures aren’t adjusted for inflation. The median estimate in a Bloomberg survey of economists called for a 0.2% advance in retail sales. Seven of 13 retail categories declined last month, according to the report, including a drop in receipts at ... (full story)
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tweet at 8:54am: JEREMY HUNT APPOINTED AS UK'S NEW FINANCE MINISTER - Reuters via https://t.co/ymHY6xloQb
tweet at 8:56am: Putin: No Need for Massive Strikes on Ukraine Now. That's for Now, but We Will See. Direct Clash of Nato Troops with Russia Would Lead to Global Catastrophy. tweet at 8:47am: PUTIN: IF IT TURNS OUT THAT HUMANITARIAN CORRIDORS FOR UKRAINE GRAINS ARE USED FOR TERROR ACTS, THEN THERE IS NO NEED FOR SUCH CORRIDORS PUTIN: NO PLANS FOR ADDITIONAL MILITARY MOBILIZATION IN RUSSIA PUTIN: IN NEXT TWO WEEKS MOBILISATION WILL BE OVER tweet at 8:39am: PUTIN: WE RESPECT THEIR POSITION, BUT WE KNOW THAT KYIV DECIDED NOT TO PROCEED WITH TALKS PUTIN: WE ARE OPEN FOR TALKS, WE HAVE ALWAYS SAID THIS
As James Knightley noted in his review of the September US CPI release, core inflation has not been this high since 1982. This suggests there will be no letup in the Fed's hawkish ...