US retail sales expected to rise by 0.3% in October - SEB

FXStreet (Córdoba) - According to analysts from SEB (Skandinaviska Enskilda Banken), retails sales area likely to show an increase of 0.3% in the headline number in October when they are published on Friday, in line with market consensus of a 0.3 – 0.4% gain.

Key quotes:

“The October retail sales report was weak overall and missed expectations to the downside. That report came after several strong months however. Moreover, discretionary spending such as restaurants, sporting goods and furniture showed gains in September, what is at play here is that consumer spending is taking on a discretionary tilt. Retail control, which feeds directly into BEA’s consumer spending, slipped 0.1% in September, the first decline since April”.

The latest consumer confidence numbers from the Conference Board and University of Michigan moved in different directions but the levels are still consistent with a healthy consumer spending backdrop. We look for 0.3% growth in the headline in October”.