The headline number of 1.2% is way above expectations, although ex-autos they were right in line at 0.4%.
September was also revised higher. So, solidly above expectations… as expected.
Stocks are pointing to a higher open, though just a little less so than they were before the release.
Background: This is a very important look into Q4 GDP. Officially, analysts are looking for about 0.7% growth on the retail sales headline, and 0.4% ex-autos.
But there’s definitely a lot of optimism, and it feels as though the “whisper number” is higher.
If it’s a miss, and we backslide form last month’s 0.6%, then that’s definitely a punch in the gut for the bulls.
For more background, see here.
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