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Retail Sales Disappoints, Tests Recessionary Waters Ahead Of Fed Meeting
Following our warning that both Gallup's and BofAML's indications of retail sales were sliding to multi-month lows, it should come as no surprise that retail sales in August disappointed printing +0.2% MoM (missing +0.3% expectations), with ex-autos (0.1%, Exp. 0.2%) and ex autos and gas (0.3%, Exp. 0.4%) also missing. This dragged the YoY retail sales change down to a recession-looming +1.6% print. Ironically, while most headline data missed, the GDP-dependent 'control group' rose a fraction more than expected (+0.4% vs +0.3%). Since this is the last major data point before The Fed's big decision, it would appear ... (full story)
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