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Nov 16 - 09:55 AM

USD: US Retail Sales Still In Line With A 50bps Hike In December - CIBC

By eFXdata  —  Nov 16 - 09:17 AM

CIBC Research discusses its reaction to today's US retail sales print for the month of October.

"Headline retail sales picked up in October as consumer spending remains surprisingly strong ahead of the holiday season. Total sales grew by 1.3%, above consensus expectations for a 1% gain. As expected, gains in autos and gasoline sales, helped by fading supply chain issues and rising prices, supported overall retail sales. But the surprise came from the strength outside of these components, as the control group of sales (ex. gasoline, autos, restaurants, and building materials) advanced a much larger-than-anticipated 0.7% in October (consensus +0.3%). This was compounded by positive revisions to the prior month (now 0.6%, previously 0.4%)," CIBC notes.

"While this data is stronger than anticipated, when combined with last week’s weaker-than-expected CPI report, the Fed should remain on track to slow the pace of interest rate hikes in December and deliver a 50bps increase," CIBC adds. 

Source:
CIBC Research/Market Commentary

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