Retail sales in line/Mfr'g upside in NY/Import prices bottoming?
Core (taking out autos, building materials and gasoline) retail sales in October unexpectedly fell by one tenth m/o/m vs the estimate of up .3% BUT was completely offset by a 5 tenths upward revision to September to a gain of 1.2% so we'll call it a push relative to overall expectations for these two months.
Vehicle sales rose 1.6% m/o/m and by 6.6% y/o/y. Building material sales were up by .5% m/o/m and by 7.1% y/o/y.
Offsetting the above were declines in furniture sales, misc stores like dollar stores, convenience, pet, flower, etc..., department stores, clothing and sporting goods. On the upside, sales rebounded in electronics by 2.3% after a few months of declines and remain down by 1.1% y/o/y. Sales were strong at bars/restaurants, up by .7% m/o/m after a 1.2% rise in September. They are up 4.6% y/o/y. Online retail sales rose by .3% after the 1.7% jump in the month before and are up 9.4% y/o/y. Lastly, on the necessity side, food/beverage sales were little changed m/o/m but up 3.9% y/o/y. Health/personal care sales fell by 1.1% m/o/m but after jumping by 2.3% last month. They are up 3.5% y/o/y.
Keep reading with a 7-day free trial
Subscribe to The Boock Report to keep reading this post and get 7 days of free access to the full post archives.