Consumer Spending Unexpectedly Cools In September
Econoday economists expected a 0.3% increase in retail sales in September. Instead they declined by 0.3%. The decline was partially offset by an upward revision in August from 0.4% to 0.6%.
This morning, the U.S. Census Bureau announced Advance Monthly Retail Sales for September.
- Advance estimates of U.S. retail and food services sales for September 2019, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $525.6 billion, a decrease of 0.3 percent from the previous month, but 4.1 percent above September 2018. Total sales for the July 2019 through September 2019 period were up 4.0 percent from the same period a year ago.
- The July 2019 to August 2019 percent change was revised from up 0.4 percent to up 0.6 percent. Retail trade sales were down 0.3 percent from August 2019, but 4.0 percent above last year. Nonstore retailers were up 12.9 percent from September 2018, and miscellaneous stores were up 9.3 percent from last year.
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Same Old Story
It's the same old story. Brick and mortar department stores and electronic stores are getting clobbered by nonstore retailers such as Amazon.
Mike "Mish" Shedlock