Results of the advanced retail sales report for August:
- Prior reading was +0.2% (revised to +0.4%)
- Sales excluding autos +0.1% vs +0.3% exp
- Sales excluding autos and gas +0.1% vs +0.3% exp
- Sales excluding autos, gas and building supplies +0.2% vs +0.3% exp
The prior readings were revised higher by a couple ticks across the board so that brings the results closer to expectations. The dollar is reacting badly but some of that is carry through from the Summers denial.
![Retail sales excluding autos, gas and building supplies control group chart Sept 13](http://az705044.vo.msecnd.net/20130913/Retail-sales-control-group-chart-Sept-13.png)
Retail sales excluding autos, gas and building supplies (control group)
One negative takeaway is the overall pace of consumer spending this year. Housing has picked up, employment is a bit better but consumers are stuck in the mud. Spending fueled a decade of US growth and if it doesn’t come back, it really is a new normal.