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US: Retail sales growth has built momentum – Westpac

Analysts at Westpac explain that US retail sales growth accelerated in late 2017 and was partly due to hurricane damage in Texas and surrounding states (which created a need to replace cars and other durable goods).

Key Quotes

“Energy prices were also supportive of nominal spending over the period.”

“That said, underlying demand is also robust and broad based. Indeed, the December report included an upward revision to core sales in November.”

“Another solid headline gain is anticipated in January, 0.4%. This is despite autos acting as a drag and limited support from energy prices. Core sales are likely to have risen by 0.5% in the month.”

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