Just as we detailed previously, headline retail sales data met expectations with a 0.6% rise MoM but the control group missed expectations with a mere 0.1% rise (vs 0.4% expectations). However, year-over-year, control group retail sales rose just 2.5% - the slowest gain since Nov 2015.
Historically, retail sales growth this slow has tended to lead to recession...
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The breakdown shows that sales grew most in Gas Stations (higher prices) and Building materials (storm-related?) while department stores slowed notably.
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Furthermore, it seems, just as we noted previously, that the release of the iPhone 7 did nothing at all for electronics sales (which dropped 0.9% in Aug).
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