“Spending on durable goods including automobiles increased 0.8 percent after a 0.4 percent gain the prior month. Purchases of non-durable goods including gasoline fell 0.2 percent after a 0.6 percent advance.”
“The figures follow a Commerce Department report yesterday that showed the economy grew at a 2.5 percent annualized rate in the second quarter after expanding 1.1 percent in the first three months of the year. Consumer spending increased at a 1.8 percent pace after 2.3 percent gain in the first quarter.”
Sep car sales appear to be slowing, see below.
(And the import content is relatively high)
“The saving rate climbed to 4.6 percent from 4.5 percent, while wages and salaries increased 0.4 percent after falling 0.3 percent.”
“U.S. chains are bracing for a tough holiday season, with sales are projected to rise 2.4 percent, the smallest gain since 2009, according to ShopperTrak, a Chicago-based firm.
Wal-Mart cut its annual profit forecast after same-store sales fell 0.3 percent in the second quarter.”
“Conditions in the job market today are still far from what all of us would like to see,” ChairmanBen S. Bernanke said after a two-day meeting of the Federal Open Market Committee. “The committee has concern that rapid tightening of financial conditions in recent months would have the effect of slowing growth.”
September Auto Sales Expected To Dip 2 Percent, According To Kelley Blue Book
Seasonally Adjusted Annual Rate at 15.7 Million
By Kelley Blue Book
New-vehicle sales are expected to decline 1.8 percent in September 2013 to a total of 1.17 million units, according to Kelley Blue Bookwww.kbb.com, the leading provider of new and used car information.
“September 2013 new-vehicle sales represent the first year-over-year drop since May 2011, due to slower retail sales, two fewer sales days in the month, and this year’s Labor Day sales included in August 2013 totals,” said Alec Gutierrez, senior analyst at Kelley Blue Book. “Despite the cool down this month, Kelley Blue Book forecasts sales will remain on track to exceed 15.6 million units in 2013 because of strong product introductions from automakers.”
Key Highlights for Estimated September 2013 Sales Forecast:
- In September 2013, new light-vehicle sales, including fleet, are expected to hit 1,167,000 units, down 1.8 percent from September 2012 and down 22.2 percent from August 2013.
- The seasonally adjusted annual rate (SAAR) for September 2013 is estimated to be 15.7 million, up from 14.7 million in September 2012 and down from 16.0 million in August 2013.
- Retail sales are expected to account for 85 percent in September 2013.