US retail sales rose only 0.1% in September

US retail sales rose only 0.1% in September, and August was revised 0.2ppts lower to 0.0%, undershooting expectations. Gasoline prices and building materials were notable contributors to the disappointment. However, even a core measure excluding autos and gasoline was flat (vs+0.3% expected), with the previous month's 0.3% gain revised down to 0.2%. 

The control group was even weaker, -0.1% (vs 0.3% expected) and previous revised down too. This control group category feeds straight into GDP assumptions and will see Q3 expectations trimmed right back. This is hands down a weak update, leaving one to ask "where are all those gasoline savings going?".