Retail Sales rose 0.6% in August – as expected – with July revised from 0.0% to +0.3% but Ex-Autos the +0.3% growth is the slowest since January. The ‘control group’ (ex food, auto dealers, and building materials) missed expectations at +0.4% vs +0.5% exp slipping to its slowest growth in 3 months. Under the surface it appears the gains in sales are driven mostly by a 1.5% rise in auto sales – as more subprime credit is loaded onto the US consumer.
Ex-Autos, sales slipped to its slowest since January…
As the headline growth was driven largely by Auto Sales…
Sustainable?
via Zero Hedge http://ift.tt/1qrl029 Tyler Durden