- Prior was +3.8% m/m
- Ex autos +0.2% vs +0.9% expected
- Prior ex-autos was +3.3%
- Control group -1.2% vs +0.4% expected
- Prior control +4.8% m/m
- Ex autos and gas -0.4% vs +3.8% prior
The headline is close to estimates but economists will be focused on the control group, which excludes autos, gas and building materials. That's a sizeable miss and was worse than the lowest estimate (-1.1%).
There was weakness in furniture and home furnishings (-1.0%) along with nonstore retailers (-3.7%) and electronics and appliances (-0.6%).
