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October 25, 2023

Retail sales accelerated in September, but the inflation-adjusted growth rate remains weak.

Nominal retail sales accelerated to 3.8% y/y in September, as reported by the U.S. Census Bureau. In terms of the read-through to GDP for 3Q23, the recent re-acceleration of headline retail sales has been a positive development. However, underneath the headline number, the drivers of that growth have come from categories that are more related...
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