Retail sales have remained strong in the U.S. despite a supposed deteriorating economic backdrop. Data from September indicated a month-over-month (MoM) increase of 0.7% which came on the heels of an upward revision of a 0.8% MoM rise in August. Despite higher interest rates and increasing credit card balances, consumer spending has remained strong. However, for October, and according to The Retail Monitor (CNBC/National Retail Association), sales excluding autos and gas fell by 0.08% while core retail sales, which also removes restaurants, fell 0.03%. The index, which is a newer tool for assessing the strength of shoppers, uses actual credit card transactions to generate data: arguably more dynamic than traditional methods that are often subject to revisions.
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By Charles Marleau CIM® and William Mitchell CIM®