🇺🇸❗️Cable FX Macro Weekly Note: U.S. October Retail Sales

**As seen in Risk In The Week report 11/10/23, subscribe at cablefxm.co.uk/reports

September retail sales rose by 0.7% on the month, this was faster than economists' expectations of 0.3%, and the prior figure was upwardly revised to 0.8%. U.S. retail sales have topped economists' forecasts for three months in a row, the October figure is expected to decline by 0.3%. Recent strength accounts for motor vehicle sales, food sales, and nonstore retailers. Clothing and building materials have recorded softer numbers in September. Analysts at Wells Fargo Securities said that some weakness is set to be seen as real disposable incomes have slipped over the past four months, they added a decline in credit growth and shrinking excess liquidity. Wells Fargo expects retail sales to contract 0.2% in October, while they have seen upside risks to their call on early holiday spending. ING noted early data pointing to softer vehicle sales and subdued credit card spending on the month, they penciled in the headline falling 0.5%.