US Retail Sales Preview - HSBC
|Analysts at HSBC out with a brief preview on what to expect from the upcoming US retail sales release.
Key Quotes:
“The nominal value of retail auto sales has held up relatively well this year, even as the unit volume of new auto sales has declined. This has partly been due to a change in the mix of units sold, with sales of larger, more expensive vehicles outperforming sales of smaller vehicles. This phenomenon may have come to a halt in August, with auto manufacturers reporting a sizeable decline in light truck sales.
We estimate retail sales were unchanged m-o-m in August, held back by weaker auto sales. We expect that ex-auto sales rose 0.5%, largely reflecting an increase in gasoline prices. We look for a 0.2% increase in "control group" sales.”
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