US DATA: Aug retail sales +0.4%, ex autos +0.6%, ex autos and gas
+0.5%. July sales level was revised lower, however, so the Q3 growth
pattern was lowered. Ex-auto sales are running about +2% SAAR,
suggesting modest consumption. Within the Aug sales numbers, autos were
-0.7%, furniture -0.5%, electronics -1.1%, and bldg mats flat. This
weakness in big-ticket items was offset by spending on necessities and
back-to-school. Sales of food +1.3%, health care +0.6%, clothing +1.2%,
and sporting goods +0.9%. Gas was +1.9%, a price-related move.
Restaurants were +0.1%, showing the consumer remains cautious.