Consumer spending fell in October, according to new CNBC/NRF Retail Monitor tracking card transactions
by bolognatowel
Consumer spending fell in October, according to new CNBC/NRF Retail Monitor tracking card transactions
by bolognatowel
2 comments
The data differs from the Census Bureau’s retail sales report
as it is the result of actual consumer purchases, while the Census
relies on survey data. The government data is frequently revised as
additional survey data becomes available. The CNBC/NRF Retail Monitor is
not revised as it’s calculated from actual transactions during the
month. It is, however, seasonally adjusted, using the same program
employed by Census.
Not a great start for Q4, but we are coming off a very hot Q3.
A lot of consumer spending is not done on credit cards. It’s stuff like car payments, rent, and healthcare. But tracking credit card transactions probably does serve as a decent proxy for retail sales trends.