The Census Bureau’s Advance Retail Sales Report for October released this morning showed a slight increase over the September figures. Headline sales came in at 0.2% month-over-month to one decimal. Today’s headline number was fractionally above the Investing.com consensus of 0.1%. Core sales (ex Autos) came in at 0.1% MoM. August and September figures were revised.

Here is the introduction from today’s report:

Advance estimates of U.S. retail and food services sales for October 2017, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $486.6 billion, an increase of 0.2 percent (±0.5 percent)* from the previous month, and 4.6 percent (±0.7 percent) above October 2016. Total sales for the August 2017 through October 2017 period were up 4.3 percent (±0.5 percent) from the same period a year ago. The August 2017 to September 2017 percent change was revised from up 1.6 percent (±0.5 percent) to up 1.9 percent (±0.2 percent).

Retail trade sales were up 0.2 percent (±0.5 percent)* from September 2017, and were up 4.7 percent (±0.7 percent) from last year. Building Materials and Garden Equipment and Supplies Dealers were up 8.8 percent (±2.1 percent) from October 2016, while Gasoline Stations were up 7.5 percent (±1.4 percent) from last year. [view full report]

The chart below is a log-scale snapshot of retail sales since the early 1990s. The two exponential regressions through the data help us to evaluate the long-term trend of this key economic indicator.

The year-over-year percent change provides another perspective on the historical trend. Here is the headline series.

Core Sales

Here is the year-over-year version of Core Retail Sales.

“Control” Purchases

The next two charts illustrate retail sales “Control” purchases, which is an even more “Core” view of retail sales. This series excludes Motor Vehicles & Parts, Gasoline, Building Materials as well as Food Services & Drinking Places. The popular financial press typically ignores this series, but it a more consistent and reliable reading of the economy.