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US retail sales fell in October for the first time in seven months
Americans cut their retail spending in October for the first time since March, with interest rates at a 22-year high. Retail sales, which are adjusted for seasonality but not inflation, fell 0.1% in October from the prior month, the Commerce Department reported Wednesday. That’s the first monthly decline since March and was a smaller decline than economists were expecting. October’s decline in retail spending is potentially an early sign of a slowing economy as US consumers get squeezed by higher borrowing costs and they continue to rack up credit card debt. A drop-off in sales of some big-ticket items helped ... (full story)
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Headline retail sales came in better than expected, but the control group, which feeds into GDP, met expectations with a 0.2% increase. Last month’s control group reading was revised up. pic.twitter.com/yjPZIPtybt
— Kathy Jones (@KathyJones) November 15, 2023
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US Retail Sales Declined As Student Debt Payments Resumed In October
Is more 'good news' on its way? According to BofA, who have been mysteriously all-knowing for months, this morning's US retail sales print will be better than expected (positive). However, Goldman warned last month that retail sales could stumble hard because "the largest effects of the hit from the resumption of student loan payments will come in October." After last month's big upside surprise, consensus was for a 0.3% drop MoM in retail sales but the actual print came in better than expected, declining just 0.1% MoM (the first decline in 7 months). Both headline and core retail sales YoY growth slowed in October... ... (full story)