Ugly Retail Data Means More Cuts Coming To GDP

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From Nomura:Retail sales fell flat in August, as US households were faced with major headwinds such as tumbling equity values and little to no job growth. The so-called “control” data – retail sales excluding autos and building materials – increased by 0.1% following a downwardly revised 0.3% in the prior month. This measure feeds into the estimate for the quarterly consumer spending component of GDP. The lower-than-expected retail sales data in August has lowered our Q3 GDP tracking estimate to 2.4% from 2.6% previously.

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