Just as we detailed previously, headline retail sales data met expectations with a 0.6% rise MoM but the control group missed expectations with a mere 0.1% rise (vs 0.4% expectations). However, year-over-year, control group retail sales rose just 2.5% – the slowest gain since Nov 2015.
Historically, retail sales growth this slow has tended to lead to recession…
The breakdown shows that sales grew most in Gas Stations (higher prices) and Building materials (storm-related?) while department stores slowed notably.
Furthermore, it seems, just as we noted previously, that the release of the iPhone 7 did nothing at all for electronics sales (which dropped 0.9% in Aug).
via http://ift.tt/2dp1jX3 Tyler Durden