US Retail Sales Growth Slows in September, PPI Increases 0.3%

Watch US Retail Sales Growth Slows in September, PPI Increases 0.3% - Bloomberg on Dailymotion

Transcript

00:00We've got a little bit of a disappointment in terms of retail sales.

00:03Headline retail sales come in up two tenths of a percent.

00:06They were up six tenths in the month of August.

00:09Now, remember, this is September data.

00:11The expectation was for a four tenths rise.

00:13X autos were up three tenths, which is what was forecast.

00:18But the control group, we don't have that number yet, hasn't come through yet.

00:22We'll get that for you in just a second.

00:24But X autos and gas of only a tenth of a percent.

00:27So a lot having to do with prices there.

00:31In terms of PPI, the headline PPI comes in up three tenths of a percent.

00:35It was down a tenth in the month of August.

00:38So there's a little bit of an inflation issue there.

00:41The core rate up a tenth of a percent.

00:44PPI on a year over year basis is up two point seven percent.

00:49That's a tick up in September from August.

00:52And PPI core on a year over year basis falls by two tenths to two point six percent from two point eight percent.

01:00Retail sales control group comes in down a tenth of a percent after a six tenths rise in August.

01:07So retail sales weaker than expected.

01:10Inflation a little bit hotter than expected, but mostly in the headline groups,

01:15which probably suggests the same thing as retail sales, that gasoline prices, energy prices and car prices may have played the role there.