Economic data released this week points to a continuation of subdued growth, as relatively weak consumers create few inflationary pressures, and businesses remain mired with uncertainty surrounding taxes and regulations. Retail sales growth was somewhat disappointing in August and is likely to finish 2013 nearly one percentage point lower than in 2012. Auto sales were a major contributor to sales as relatively low auto loan rates and an improving labor market continue to push consumers to buy a new set of wheels. Despite higher gasoline prices, sales at gas stations were flat this month. Building materials, clothing, and sporting goods sales all posted month-over-month losses, but sales at those stores were still up over the year. Control sales, which exclude autos, gas and building materials and are a direct input to GDP, grew less than expected.
Posted on: Fri, 13 Sep 2013 21:02:09 +0000
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