After two straight months of disappointments, September retail sales beat majestically, rising 1.9% MoM against expectations of a 0.8% rise (the fastest pace in three months).
H/T: Zero Hedge
This surprise sent YoY retail sales soaring with the headline up 5.4% and core retail sales up a stunning 9.1% YoY - the greatest rise ever!
Breaking News— Charles V Payne (@cvpayne) October 16, 2020
Retail Sales Blow Away Wall Street Consensus
Total Sales +1.9% consensus +0.7%
Ex-autos +1.5% consensus +0.4%
Control group +1.4%
I have been calling this on Making Money with Charles Payne and have been featuring investing ideas to benefit from these trends. pic.twitter.com/AkzXtzNvoS
Today's U.S. retail sales report boosted our Q3 GDP estimate to 33.5% from 33.0%, alongside an unrevised 6.0% forecast for Q4. We face upside Q4 risk, as household spending is entering Q4 well above the Q3 average. https://t.co/Wxa10vRAnN pic.twitter.com/6EP1E2jdFy— Action Economics LLC (@actioneconomics) October 16, 2020
Dance like no one's watching— Arpit Gupta (@arpitrage) October 16, 2020
Sing like no one's listening
Believe in steady improvement in economic conditions even as the covid forecasts deterioratehttps://t.co/PZNm3wsYU7