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Retail Sales Ex-Autos Big Rebound In July…Overall Number Below Expectations, Although Still Growing…June Industrial Production Revised Higher

Image by Ben P L

This morning’s economic indicator release showed retail sales rebounding in July, although the overall number missed estimates primarily due to slower auto sales than forecast. However, if you dig into the numbers, ex-autos showed a blustering rise, handily beating estimates.

These numbers are backward looking and all eyes are now on the month of August when stimulus checks start to decline.

Talks in Washington have broken down over further pandemic relief as Democrats want trillions in pork. They are blocking any deal if they don’t get it. The White House and GOP Congressional leaders so far are standing firm.

June’s Industrial Production was revised higher and numbers this morning for July printed inline, all in all showing positive growth.

Futures are down slightly on the open at time of writing.

Retail Sales ex Autos (MoM) (Jul) printed at 1.9% vs 1.3% consensus estimate.

Nonfarm Productivity (Q2) PREL printed at 7.3% vs 1.5% estimate.

Retail Sales Control Group (Jul) printed at 1.4% vs 0.8% estimate.

Retail Sales (MoM) (Jul) printed at 1.2% vs 1.9% estimate.

Unit Labor Costs (Q2) PREL printed at 12.2% vs 6.2% estimate.

Industrial Production (MoM) (Jul) printed at 3% inline.

Capacity Utilization (Jul) printed at 70.6% vs 70.3% estimate.

Michigan Consumer Sentiment Index (Aug) PREL printed at 72.8 vs 72 estimate.

Business Inventories (Jun)printed at -1.1% vs -1.2% estimate.

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