USA’s detailsalg steg minde end ventet i november. Risiko for, at forbruget ikke kan afværge en recession i industrien.
Uddrag fra ING:
US retail sales grew less than hoped in November. This again brings in to question whether consumer spending will remain strong enough to offset the recession in manufacturing and prevent the need for further Fed rate cuts
Headline retail sales rose 0.2% month-on-month in November, well short of the 0.5% gain expected by economists, although we did see October’s growth rate revised up by one-tenth of a percentage point to 0.4%. The details show that 8 of 13 categories experienced growth, most notably in electronics and gasoline (both +0.7%) while non-store retail saw sales rise 0.8% and motor vehicles/parts rose 0.5%. Offsetting this were sizeable declines in healthcare (-1.1%), clothing (-0.6%) and sporting good (-0.5%).
Looking at the so-called “core” measure – the retail sale control group, which excludes volatile items such as autos, building materials, food and gasoline and has a better correlation with broader consumer spending growth – we see another weak outcome. Sales here rose just 0.1%MoM. Moreover, strip out just cars and gasoline and retail sales were unchanged on the month after rising 0.2% last month.
