US: Retail sales in focus amongst other economic releases - BBH

Research Team at BBH, suggests that after a quiet few days in terms of US economic reports, a full slate of data will be released today. 

Key Quotes

“The most important is retail sales, which account for about 40% of US personal consumption expenditures.  Softer auto sales and lower gasoline prices will weigh on the headline, but the GDP component, which also excludes building materials, is expected to show a 0.4% increase.  If true, it would match this year's average, which is almost twice last year's. 

The US also reports producer prices (0.1% gain is expected on the headline month-over-month and year-over-year), which is not a market mover.  Nor will industrial output and manufacturing production figures for August draw much attention.  The risk is that after strong gains in July, a modest pullback was experienced last month.  Two Fed surveys (Empire and Philadelphia) cover the month of September.  These reports pose some headline risk, but they are both reported at the same time as retail sales (and Q2 current account balance) and may be lost in the shuffle.”