US: Retail sales likely to remain unchanged m-o-m in August - HSBC

Analysts at HSBC suggest that the nominal value of US retail auto sales has held up relatively well this year, even as the unit volume of new auto sales has declined.

Key Quotes

“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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