Tuesday, October 29, 2013

Retail Sales Decline 0.1% in September

Retail sales dropped 0.1% in September, largely due to declining car sales. It was the first decline since March. Year-over-year growth grew 3.2%. In the lead up to the government shutdown and debt ceiling, it’s not surprising that consumers were conservative, and similar weak trends are anticipated for October.

Core sales improved 0.4%. The strength in September’s report came from food and beverage, which improved 0.9% over the month. The introduction of the new iPhone 5 minimally impacted markets, below expectations.

Car sales fell sharply, declining 2.2% following modest 0.7% gains in August.

Read the Census report.

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