Chart of the week
While we might have feared a fall or sharp slowdown in September’s retail sales as the various household income support measures came to an end, the numbers surprised to the upside, posting a 1.9% month-on-month increase, or 1.4% excluding automobiles, fuel and building materials. Minor downward revisions to previous months failed to undo the surprisingly upbeat numbers.
This figure is good news at a time when household incomes are receiving less support and the number of Covid-19 cases is turning back up. In addition, the improvement in the University of Michigan’s confidence index from 80.4 to 81.2 in October is reassuring.
The opinion expressed above is dated 16th October 2020 and is liable to change.
This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Frères Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Frères Gestion SAS. LAZARD FRERES GESTION – a simplified joint stock company with share capital of €14,487,500 – Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES – 75008 PARIS, FRANCE