Merrill on Retail "Consumer demand pulled back in August"

A few excerpts from two BofA Merrill Lynch research notes: Consumer demand pulled back in August Based on the aggregated BAC credit and debit card data, retail sales ex-autos fell 0.5% month-over-month (mom) seasonally adjusted (sa). This reversed the 0.9% mom gain in July. As always, there were a number of "special factors" which we decipher in this note. Amazon Prime Day and other retailers' summer promotions in mid-July provided a significant boost to spending, as we showed last month. In our view, these promotions effectively pulled forward demand into July and out of August. … Outside of ......(read more)

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