Retail sales control group
- Prior control group was +0.7% (revised to +1.2%)
- Headline retail sales +0.4% versus +0.3% expected
- Prior m/m sales +0.1% (revised to +0.8%)
- Retail sales $718.9 billion versus $714.4 billion prior
- Retail sales y/y +2.8% versus +1.7% prior
- Ex autos +0.1% versus +0.3% expected
- Prior ex autos +0.5% prior (revised to +1.0%)
- Ex autos and gas +0.1% versus +0.7% prior
The US consumer has held up well all year and this report is stronger than it looks due to the upwards revisions to the prior readings. The numbers continue to suggest consumer spending remains resilient heading into the holiday season, despite high interest rates.
The control group numbers that feed into GDP calculations point to steady consumer demand in Q4. Food services growth indicates consumers continue spending on services, which is particularly sensitive.
