🇺🇸US Retail Sales: Weak Growth

In August, nominal retail sales rose 0.1% m/m (July: +1.1%). Core sales excluding autos rose 0.1% m/m (July: +0.4%).

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Growth is weaker than inflation, i.e. sales are down in real terms. In our view, the statistics will not have a significant impact on the Fed's decision tomorrow.

But weak consumer demand may prompt the US Central Bank to cut rates faster in the future.

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