We got our first score on domestic consumerism this morning with August Retail Sales. On balance, it accords with the cycle highs in wage growth and consumer and small business confidence reported over the past week.
Headline Retail Sales, Retail Sales ex-autos and Control Group Sales (GDP input) growth came in at +6.7% Y/Y, +7.3% Y/Y and +5.2% Y/Y, respectively, on the back of significant positive revisions to July estimates.
Juxtapose that with Eurozone Retail Sales at +1.1% Y/Y (as in O-N-E) and falling …. And which Draghi himself told you are probably headed further southward … particularly against the hardest comp in 3 years in September.