December 13, 2022

U.S. retail sales rose +1.3% m/m in October, after staying flat in September. This puts them up +8.3% from a year ago. Keep in mind these numbers are not adjusted for inflation, which running at +7.1% y/y.

Gas station sales saw the largest increase, both m/m and y/y (due, at least in the latter case, due to a rise in gas prices). Excluding gas stations, sales rose +1.0% m/m in October, up +7.4% from a year ago.

Auto sales declined in November to a fairly tepid annual rate of 14.1 million per year. This is only in part due to demand; supply continues to be constrained by global semiconductor chip shortages.