Actual (Sep): 3.5 % y/y
Consensus: 2.0 % y/y
Previous (Aug): 2.8 % y/y
The data about retail sales beat estimates, showing an acceleration to 3.5 % annual growth. The figure was boosted by strong sales of cars - similarly to the previous month. Moreover, sales of computer and telecommunication equipment kept a good growth. Sales of clothing and footwear accelerated significantly and also helped to boost the headline figure.
The trade in retail sector was supported by an improvement on the labor market and may indicate somewhat better data about household consumption in 3Q than expected. The GDP data will be published on 12th November. The latest unemployment figures have though brought a slight disappointment, which suggests that retail trade has very limited room to accelerate further in 4Q. We expect the full-year growth in retail sales slightly above 1 pct.