Retail sales take a step back in August, limited by additional price pressures

  • Retail sales declined 0.4% m/m (4.7% y/y), with price pressures offsetting strength in fundamentals

  • Only four sectors were lower, highlighting -12.6% in internet sales and -4.8% in appliances and home goods

  • We remain somewhat optimistic on sales ahead, with support from fundamentals, and year-end discounts

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