Last month, US retail sales surprised to the upside, rising 0.7% month-on-month despite credit card transaction numbers looking weak and we get a repeat of that for today’s October report. Headline retail sales fell 0.1% MoM, but this was better than the 0.3% drop expected, while September’s 0.7% initial print has been revised up to 0.9% MoM growth. The details show motor vehicle sales fell 1%, which tallies with the drop in unit sales reported by manufacturers while furniture sales dropped 2% MoM – the fourth consecutive monthly decline, which is consistent with the collapse in housing transactions on the basis that ... (full story)