Tips From Top Forecaster: U.S. Economic Calendar (w38) | Industrial Production, Retail Sales

Tuesday (September 15th)

Industrial Production for August – Bloomberg consensus MoM: +1.0%(e) v +3.0% prior
The “mining” component (14.24% of the index) should be under pressure. As Reuters noted in late August, “Oil and gas producers have shut-in 1.5 million barrels per day of oil production in the U.S. Gulf of Mexico, or roughly 82% of its total output, ahead of back-to-back tropical storms“.

Wednesday (September 16th)

Retail Sales for August – Bloomberg consensus MoM: +1.0%(e) v +1.2%
Once again, auto sales are expected to support the headline. According to Wards data, U.S. New vehicle sales increased by 4.6% MoM reaching 15.19M SAAR in August (6-month high).

U.S. New #Vehicle Sales Rose to 6-Month High in August But Remained Well Below Pre-Crisis Level
*The #auto sector should support August retail sales that will be released on Sep. 16th.https://t.co/D0Pq8HOwwa

— Christophe Barraud (@C_Barraud) September 2, 2020

Gasoline prices (+2.0% MoM according to CPI report) and “Building material & garden eq. & supplies dealers” sales should also contribute positively. The latter component could have risen ahead of hurricanes Laura and Marco.