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Human Resources Outsourcing (HRO – PEO – ASO – Payroll – Agency)

BofA Merrill Lynch Global Research – A US Economics Report – Wednesday, 14 November 2012

Retail sales were below expectations

Retail sales declined 0.3% MoM while “core control” (ex-autos, building materials and gasoline) sales slipped 0.1% in October. The downward surprise owed to a sharp drop in sales at non-store retailers and decline in electronic and furniture sales. We suspect part of the weakness can be attributed to Hurricane Sandy. Even assuming a payback over coming months, today’s report means a weak start to Q4 after a solid Q3 gain (we are tracking just above 3.0% for Q3 GDP). This leaves us comfortable with our forecast of 1.0% GDP growth in Q4.

 

 

Read the full report here.