Retail sales grow 0.6%m/m in September and reduce the chances of a GDP drop in Q3

Summary

Retail sales expanded 0.6%m/m in September, recovering from a 0.4%m/m decline in August. Taking into account this information, we expect Q3 GDP to grow around 0.2%q/q. Although a GDP drop should not be ruled out, September’s retail sale data make it less likely.

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