US retail sales beat expectations in October (+0.8% vs +0.6% exp) and September's gains were also upwardly revised (driven by a surge in gas prices which sparked a decline in spending on food services). This data revision sends year-over-year gains to a 4.3% – the highest since Nov 2014 – leaving Janet and her friends fewer excuses to hike rates in December.
The headline data spiked Year-over-Year…
Driven by a surge in gas prices (but notably furnture, department stores, and food services saw declines)
Department Stores sales crashed over 7% YoY as non-store retailers grew at almost 13%.
Janet better hope that EM turmoil continues or she will be out of excuses in December.
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