Retail Sales Weaker Than Expected, July Revised Up, Large Y-o-Y Amazon Impact
The U.S. Census Bureau's Advance Estimates of U.S. Retail and Food Services Sales report for August 2018 shows unexpected weakness as retail sales rose only 0.1% vs the consensus estimate of 0.4%
The noticeable standout in this month's report is the continued weakness in autos.
Year-over-year the only decline is in department, sporting goods and book stores. The Amazon impact is obvious.
Sales at nonstore retailers (think Amazon and other online stores) are up 10.4% year-over-year.
Thanks to rising gas prices, sales at gas stations are up 20.3% from a year ago. Excluding gas stations, sales are up 5.5% from a year ago.
- Whether or not the decline is autos will persist
- Impact of hurricane Florence
- Whether Trump will proceed with $467 billion in tariff threats
Mike "Mish" Shedlock