Retail Sales Ex-Autos In Line With Expectations, As Empire Index Plunges: New Orders Drop Largest Since September 2001
by Tyler Durden
October advance retail sales came in at 1.2%, higher than expected 0.7%, and higher than a previously revised 0.7%. The bulk of the beat came from auto sales. Stripping for those, yields retail sales of 0.4%, right in line with expectations. Furthermore, the ever critical General Merchandise stores category in its Non-seasonally adjusted form, dropped from 50,010 to 46,189, hardly the SA beat that was reported.
From the release:
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for September, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $367.7 billion, an increase of 0.6 percent (±0.5%) from the previous month, and 7.3 percent (±0.7%) above September 2009. Total sales for the July through September 2010 period were up 5.7 percent (±0.3%) from the same period a year ago. The July to August 2010 percent change was revised from +0.4 percent (±0.5%)* to +0.7 percent (±0.3%).
Elsewhere, the Empire Manufacturing Index was clobbered missing expectations by over 25 points, printing at -11.14, on expectations of 14, and a previous read of 15.73