US September retail sales +1.9% vs +0.8% expected
September 2020 US retail sales report highlights:
- Prior was +0.7% (revised to +0.5%)
- Retail sales control group +1.4% vs. +0.2% estimate
- Prior control group -0.1% (revised to -0.3%)
- Retail sales ex auto +1.5% vs. +0.4% estimate
- Retail sales ex auto and gas +1.5% vs. 0.5% estimate
This is a very strong report. As the old saying goes "never underestimate the spending power of the US consumer."
Even the details are great. The lift in spending is widespread and well-above year-ago levels.
There are still some weak spots coming out of the pandemic, like clothing sales were remain deeply depressed. But they were up 11% m/m. Eating and drinking edged higher at +2.1%.