US: Markets anticipating a 0.1% rise in retail sales - Westpac

US retail sales growth has been sporadic in 2017, leaving the annual rate of gain for headline sales at a subdued 4.2%, points out the research team at Westpac.

Key Quotes

“The July outcome was certainly better, a 0.6% gain being recorded thanks to broad-based momentum.” 

“Since the July retail sales release, Q2 GDP has been revised up, principally because of stronger consumption. This sets the stage for a continuation of current momentum into Q3. • We expect a 0.3% gain in the month, with core sales; autos; and gasoline all contributing. That would not be a strong result by any means, but would indicate that the consumer remained willing to spend.” 

“The market is more downbeat, anticipating a 0.1% rise. There is a chance that the figures will be affected by Hurricane Harvey, but the storm came very late in the month.”

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