Despite all the industry's exuberance over auto sales in America, the government's retail sales data shows vehicle sales dropped 0.4% in October (in other words, automakers are channel-stuffing). This rolled through the various headline data leaving a 4th miss in a row MoM and the weakest YoY growth for retail sales since Nov 2009 - deep in recession territory.
This is the 4th miss in a row for the headline retail sales data...
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And sends the annual growth rate well into recession territory...
[5]
And even Ex-Autos the annual change is awkwardly low for a rate hike...
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The full breakdown has something for everyone...
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Charts: Bloomberg
