–Sales Ex Autos +0.6%, Ex Autos and Gas +0.5% vs -0.1%; Autos -0.7%
By Joseph Plocek
WASHINGTON (MNI) – The U.S. August retail sales report showed
continued growth but downward revisions to July sales suggest that
overall Q3 growth is modest.
August retail sales printed +0.4%, ex autos +0.6% after +0.1% in
July, and ex autos and gasoline +0.5%. These were slightly better than
expectations.
However, the July sales level was revised lower, so the Q3 growth
pattern was lowered. Ex-auto sales are running about +2% SAAR,
suggesting modest consumption.
Within the August sales numbers, autos were -0.7%, furniture -0.5%,
electronics -1.1%, and building materials flat. This weakness in
big-ticket items was offset by spending on necessities and
back-to-school.
Sales of food printed +1.3%, their best gain since February, as
commodities prices rose. Healthcare printed +0.6%, clothing +1.2%, and
sporting goods +0.9%. Gas was +1.9%, a price-related move.
Restaurants were up just 0.1%, showing the consumer remains
cautious.
Sales overall are running +3.6% over the year as autos lag.
This report is consistent with a modest growth scenario.
**Market News International Washington Bureau: (202)371-2121**
[TOPICS: MAUDS$,M$U$$$,MT$$$$,MAUDR$]
