US: Retail sales continue to rise despite fundamentals – Wells Fargo – by MSalordFX UnitedStates RetailSales Banks
rose in October by 1.3% above the 1% of market consensus. Analysts at Wells Fargo point out that despite the apparent endurance, consumers are struggling to keep up the pace. They warn that the last time credit card borrowing was growing like it is now, the US was heading into the 2008-2009 recession.“The fundamentals are not supportive for consumer spending, yet retail sales continues to forge ahead.
“Near-term consumer resilience will come at a further deterioration in household finances as households draw down savings and accumulate debt to spend. That may eventually spell economic trouble.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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