It has not been a good week for Retail Sales data so far, as the ICSC year-over-year percentage change clocked in at +1.6%.
That matches the lowest reading since May.
While we traditionally see a strong sequential uptick in week 38, someone clearly forgot to tell the US consumer. Let’s see if the chilly start to autumn helps next week’s data.
Editor's note: This is a brief excerpt from Hedgeye Research courtesy of Retail Sector Head Brian McGough. For more information on how you can begin receiving Hedgeye research, including "Investing Ideas" and "Real-Time Alerts" please click here.