The Chicago Fed’s final nowcast of retail & food services sales (ex autos) growth in August is 0.4% MoM and 4.3% YoY, revised down from the initial estimate of a 0.6% MoM and 4.5% YoY.

• The nowcast is based on positive contributions from all data sources: transactions (+15 bps), foot traffic & sentiment data (+17 bps), and Census data (+10 bps).
• The nowcast for retail & food services sales (ex autos) price growth is unchanged on a monthly basis at 0.3% MoM but revised up slightly on an annual basis to 1.0% YoY (due to CPI being released last week).
• The inflation-adjusted nowcast of retail sales for August was adjusted down to 0.1% MoM from the initial estimate of 0.3% MoM, the weakest since the declines seen in May and April.