US September 2021 retail sales data:
- Prior was +2.5% m/m
- Retail sales ex autos +0.8% vs +0.5% expected
- Prior ex autos +1.8
- Retail sales control group +0.8% vs +0.4% expected
- Prior control group +2.5
- Retail sales ex auto and gas +0.7% vs +2.0% prior
- Full report (pdf)
Never underestimate the spending power of the US consumer. I highlighted some Bank of America card spending data that pointed to a miss in this data and it made sense. Well, the opposite happened with a very good report, pending the details.
Details:
- Furniture +0.2%
- Electronics and appliances -0.9%
- Clothing +1.1%
- Building materials +0.1%
- Food and beverage stores +0.7%
- Health and personal care stores -1.4%
- Sporting goods and hobbies +3.7%
- General merchandise +2.0%
- Non-store (online) +0.6%
- Food service and drinking places +0.3%
I find it interesting that building materials are up 5.8% y/y. The narrative out there is that home building and renos have slowed and that lumber prices are dead. However they've been creeping up and that's from last year's strong base.
Overall, these numbers bode well for October and into year end.
