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Hurricane Harvey slams U.S. retail sales, industrial output

In a separate report on Friday, the Federal Reserve said industrial production declined 0.9 percent in August. That was the biggest drop since May 2009 and followed six straight monthly gains

U.S. retail sales unexpectedly fell in August and industrial output recorded its biggest drop since 2009 as Hurricane Harvey disrupted activity, suggesting the storm could dent economic growth in the third quarter.
Harvey, which lashed Texas in the last week of August, also has impacted the labor market. Hurricane Irma, which struck Florida last weekend, also is likely to hurt the economy, though analysts expect a rebound in the fourth quarter.
"The early returns from Harvey are trickling in and the news is not good," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "Economists are likely marking down third-quarter growth and marking up the fourth quarter."
The Commerce Department said retail sales dropped 0.2 percent last month, the biggest decline in six months as motor vehicle sales tumbled 1.6 percent. Sales of building materials, electronics and appliances as well as clothing also fell.

Economists expect industrial output to decline further in September, with Irma likely weighing on utilities.
"Food processing is also going to join the list of the walking wounded because South Florida grows and processes a lot of food," said Michael Montgomery, a U.S. economist at IHS Markit in Lexington, Massachusetts.


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