17 October 2023
Despite reports of plunges in credit card spending from Citi and Barclays, and a huge downward revision in US consumption (per GDP) U.S. retail sales surpassed expectations, rising by 0.7% MoM compared to the anticipated 0.3%. This significant uptick marks a six-month growth streak, leading to a 3.8% YoY increase, the highest since February 2023. However, sectors like Building Materials, Appliances, and Furniture experienced sales declines, suggesting potential headwinds for the housing market. Observers recommend caution for the upcoming month of October.