The summer spending spree is officially over.
The report also showed that the so-called retail control-group sales – which is used to calculate GDP and excludes food services, auto dealers, building-materials stores and gasoline stations — rose a paltry 0.1%, far below the 0.5% consensus and down from 0.8% revised July print.
Curiously, looking at the detailed sales breakdown, only 4 of 13 major retail categories showed decreases.
Under the covers: motor vehicle, furniture, clothing and general merchandise store sales slumped, offset by solid sales for electronics, health and personal products, gasoline, online and miscellaneous store sales.
The latest broad miss, following similar disappointments from CPI and PPI, will only add to concerns that the US economy is finally rolling over, with the Citi US Econ surprise index recently sliding into negative territory where it has now joined Europe.