US: Recovery in retail sales – Wells Fargo

Analysts from Wells Fargo, that today’s US retail sales report from September showed a strong recovery in motor vehicles. They still see the consumer demand as the driver’s seat of the economic performance. 

Key Quotes: 

“Driven by a very strong recovery in motor vehicle and part vehicle sales, up 1.1 percent during the month, the retail sales and food services index increased 0.6 percent in September, after an upwardly revised decline of 0.2 percent for the previous month. Excluding autos, the index rose by an expected 0.5 percent. However, this index was downwardly revised in August, from a drop of 0.1 percent to a decline of 0.2 percent, which reduced the impact of the 0.5 percent increase in September. Excluding auto and gasoline sales, the index was up 0.3 percent. However, this subindex’s August figure was revised up to a flat reading of 0.0 percent from a 0.1 percent decline.”

“The overall retail sales release matched market expectations and some indices were upwardly revised during the previous month. Control sales group sales, which is used in the calculation of GDP was a bit disappointing, increasing only 0.1 percent after an unrevised drop of 0.1 percent in August. Markets were expecting control group sales growth to have increased 0.4 percent.”

“This means that consumers were still engaged in the economy during the third quarter but they were not as strong as the pace shown during the second quarter of the year. Still, consumer demand remains in the driver’s seat of U.S. economic performance.”


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