US December retail sales
Details:
- Ex-autos +0.4% versus +0.2% expected.
- Prior ex-autos +0.2%
- Control group +0.8% versus +0.2% expected
- Prior control group +0.4% (revised to +0.5%)
- Retail sales ex gas and autos +0.6 vs +0.6% prior
Retail sales of risen in seven of the past eight months despite the drag from falling gasoline prices.
The control group goes right into GDP so estimates for Q4 will get a lift on this. Falling interest rates and a still-strong jobs report have kept American consumers flush and they’re not afraid to spend. Some of it is inflation as this report is not adjusted for prices but overall sales were up 5.6% y/y, which is well above CPI at +3.9%.
Looking through the details, clothing and vehicle sales were strong while bars and restaurants were soft in something that could be a warning sign.