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US: Strong retail sales, flat industrial production - TDS

Analysts at TD Securities note that the US retail sales growth came in above expectations at 0.4% m/m in June, matching a similar expansion in May (mkt: 0.2%).

Key Quotes

“The core measures were also solid during the month, with the ex-auto/gas series and control group sales up a robust 0.7% m/m each in June. On net, the retail sales report more than confirms the rebound in consumer spending in Q2 and points to a solid start for Q3.”

“Industrial production growth printed flat for June, falling slightly below expectations at +0.1%. Most of the weakness stemmed from a sharper-than-expected decline in the utilities sector, which dropped -3.6%. Notably, however, manufacturing activity rose a strong 0.4% m/m — its fastest monthly pace this year. That said, we wouldn't read too much into this as the manufacturing sector is likely to remain downbeat in the near term, given trade woes. Nonetheless, this is a good end for the quarter and a better hand-off for production in Q3.”

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