US: Weakness in consumer spending – TDS

TD Securities analysts note that the US retail sales were weaker than expected at -0.3% in September, though the upward revision (0.4% to 0.6%) to the prior month should blunt some of the disappointment.

Key Quotes

“The ex-autos gauge also came in weaker at -0.1% following an upward revision, but the real disappointment is the core retail sales gauge which came in flat with no positive revision after last month's print. Overall, this was a bit disappointing on the consumer spending side, which should keep markets on edge.”