ECON: Retail Sales Weakness Offset by Strength in Revision
- August Sales +0.2 vs +0.4 Forecast
- July Sales Revised to +0.4 from +0.2 Previously
- Reaction: Moderately weaker report, somewhat mitigated by the positive revision to last month's report. Given that PPI isn't a major market mover, it's the revisions to Retail Sales here that are likely the main hang up in a more concerted rally. Much like the Jobs report on 9/6, this is weaker, but not "weaker enough" to suggest a change in the taper timeline.
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 $426.6 billion, an increase of 0.2 percent (±0.5%)* from the
previous month, and 4.7 percent (±0.7%) above August 2012.
Total sales for the June through August 2013 period were up 5.4 percent
(±0.5%) from the same period a year ago. The June to July 2013 percent change was revised from +0.2 percent (±0.5%)* to +0.4 percent
Retail trade sales were up 0.2 percent (±0.5%)* from July 2013 and 4.8 percent (±0.7%) above last year. Auto and other motor vehicle dealers
were up 12.3 percent (±2.1%) from August 2012 and nonstore retailers were up 10.2 percent (±2.1%) from last year.