Market Weekly: Aug 14-Aug-18-2017


July Retail Sales: +0.6% M/M to $478.9B vs. +0.3% expected, -0.2% prior (revised).
Ex-autos: +0.5% M/M vs. +0.3% expected, -0.2% prior
Ex-gas and autos: +0.5% M/M vs. +0.4% expected, -0.1% prior..
Control group +0.6% vs. +0.4% consensus., -0.1% prior.

August Empire State Survey: +15.4 to 25.2 vs. 10 expected, 9.8 prior.
New Orders 20.6 vs. 13.3.
Shipments 12.4 vs. 10.5
Number of Employees 6.2 vs. 3.9

Redbook Chain Store Sales: +2.5% Y/Y vs. +2.7% last week.
Month-to-date sales up 2.6% through August 12.
August sales are expected to increase 3.1%.

June business inventories: +0.5% at $1,869.3B vs. 0.4% consensus and +0.3% prior.
Sales: +0.3% at $1,356.8B.
Inventory/Sales ratio of 1.38.

Aug NAHB Housing Market Index: 68 vs. 65 consensus and 64 prior.

Speaking on an American Banker podcast, Dallas Fed President Robert Kaplan – noting the unemployment rate still hasn’t returned to its pre-recession low – says slack remains in the labor market.
While further tightening in employment should translate into wage pressure, he expects it to be lower than in the past.
It’s appropriate, he says, to be patient on the timing of the next rate hike.