US Retail Sales came essentially in line with consensus at 0.4% versus expectations of 0.3%. As usual, the downward prior revision game continues, as the previous number was revised from 0.4% to 0.3%. And once the latest number is revised lower again next month the impact on the market will be actually positive as the next month once again come better then "prior." Retails sales came in at 0.6% on expectations of 0.3%, with the previous also getting revised lower to 0.1% from 0.2%. And auto sales dropped both M/M and Y/Y.
From the Census report:
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for August, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $363.7 billion, an increase of 0.4 percent (±0.5%)* from the previous month, and 3.6 percent (±0.5%) above August 2009. Total sales for the June through August 2010 period were up 4.7 percent (±0.3%) from the same period a year ago. The June to July 2010 percent change was revised from +0.4 percent (±0.5%)* to +0.3 percent (±0.2%).
Retail trade sales were up 0.5 percent (±0.5%)* from July 2010, and 3.7 percent (±0.7%) above last year. Nonstore retailers sales were up 10.5 percent (±2.8%) from August 2009 and gasoline stations sales were up 9.6 percent (±1.8%) from last year.
And once again, government data disagrees with official polling: According to Gallup, consumer spending declined 5.9% on the 14 Day Rolling Average in August from July, and 7.2% on the 3 DRA. We wonder who is making numbers up again...