The advance retail sales printed at 0.1%, missing the estimated rise of 0.2%. Retail sales excluding autos fell 0.3%; its biggest decline since January; compared to 0.1% projected fall. The figures used to calculate GDP, which exclude food services, auto dealers, home-improvement stores and service stations, showed a 0.1% decline after the August’s 0.2% increase.
The drop in the retail sales shows the household spending is not responding to the drop in the fuel prices and sustained labor market strength.
Meanwhile, falling energy costs pushed wholesale inflation lower. The producer price index decreased 0.5%, the most since January.
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