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Macro: US Retail Sales
Retail sales make up about a quarter of GDP, so an important monthly number. I saw a lot of headlines saying this was a disappointing number. But that isn’t the case, the print was actually good. Sequentially, expectations were low for this print because September 2023 and October of 2022 were so strong. The sequential number was expected at -.3% and came in better than expected at -.1%. Additionally, September was revised even higher to .9% growth MoM. chart On an annual basis, we do see some trends that are concerning. The strength building this year may have culminated in September. The medium term trend ... (full story)