Analysts at Nomura expect a healthy 0.4% m-o-m increase in US “core” retail sales in October, following a 0.5% gain in September.
Key Quotes
“Consumer sentiment remains elevated despite recent stock market volatility and heightened concerns about global trade. The labor market remains strong and income gains have been steady. Considering these factors, we think personal spending momentum will remain robust in Q4.”
“Among non-core components, sales at gasoline stations and building materials stores likely increased firmly. We expect a steady increase in receipts at autos and parts dealerships considering WardsAuto’s light vehicle sales data for October. Excluding autos and auto parts, we expect 0.6% m-o-m gain in retail sales. Altogether, we expect a 0.6% m-o-m increase.”
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