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U.S. Retail Sales Fall 0.3% In September

By Kitco News
Wednesday October 15, 2014 8:30 AM

(Updates with new information, commentary from CIBC)

(Kitco News) -The U.S. Census Bureau said retail sales fell 0.3% in September as sales of cars, trucks and gasoline fell.

August retail sales were left unchanged at 0.6%. Total retail sales were $$442.7 billion on a seasonally adjusted basis. Versus September 2013, retail sales were up 4.3%.

According to consensus reports, economists expected retail sales between a drop of 0.1% and a rise of 0.3%.
September’s core retail sales - excluding autos – decreased 0.2%, versus August’s increase of 0.3%. Heading into the report, economists expected core sales between being flat and up 0.9%.

Andrew Grantham, analyst at CIBC Economics, said retail sales were just one piece of overall disappointing U.S. data released Wednesday. Weakness in auto and gasoline sales was expected, he said, but weakness in core sales also weighed on results.

“Declines in furniture and clothing more than offset a big 3.4% increase in electronics sales, which were likely supported by the release of a popular new phone during the month. The weaker figures will likely shave a little from our current 3% GDP (gross domestic product) forecast for Q3 (third quarter), and also suggests weaker-than-expected momentum heading into Q4 (fourth quarter) as well,” he said.

By Debbie Carlson of Kitco News; dcarlson@kitco.com
Follow me on Twitter @dcarlsonkitco

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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