US: Expect headline retail sales to surge by 0.6 percent in September – Wells Fargo

Research Team at Wells Fargo, notes that the retail sales were largely disappointing in August, falling 0.3 percent following just a 0.1 percent rise in July.

Key Quotes

“Clothing, likely reflecting some back-to-school shopping, served as a key support to sales growth, rising 0.7 percent for the month. The other sector that offset sales declines in other categories was eating and drinking places, which saw sales rise 0.9 percent. Disappointing auto sales were a key reason for the slide in retail sales in August but appear to have bounced back in September.

We expect that headline retail sales rose 0.6 percent in September, with sales excluding automobiles rising 0.3 percent. Following the disappointing consumer spending numbers in August, the much needed September bounce back should put some fears to rest that the overall economy is losing some momentum. Our expectation is that real consumer spending should come in around 2.7 percent for the third quarter.”

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