Yields Dip as Consumer Spending Slumps
10/16/2019
Headline retail sales dropped -0.3% in September, halting an impressive six-month streak of solid gains and falling well below the +0.3% median forecast. Weakness was widespread with eight of 13 spending categories declining during the month. Building materials, autos and gasoline station sales made the biggest negative contributions. The retail sales “control group” used to calculate GDP, was unchanged in September. On a bit of a bright note, the August sales increase was revised upward from +0.4% to +0.6%.
