November 17, 2017
“It first marched left and then marched right, then marched under a chair/And when I looked where it had gone, it wasn't even there.”– Tom Paxton, from “The Marvelous Little Toy”
Brian Nick, Chief Investment Strategist, TIAA Investments
My visit gave me hope that October’s retail sales data might surprise to the upside. Sure enough, sales rose by a better-than-expected 0.2%, lifting their year-over-year gain to a solid 4.7%. Moreover, September’s robust reading of 1.6%, which reflected post-hurricane spending, was revised higher, to 1.9%. Sales of bigger-ticket items such as furniture, electronics, and automobiles were especially good in October. However, sales at gardening and building materials stores, which accelerated in the storms’ immediate aftermath, declined sharply.
© 2017 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA), 730 Third Avenue, New York, NY 10017