Recent Updates
- Japan: NCI Economic Activity Index (Aug)
- US: NAHB/Wells Fargo Housing Market Index (Aug)
- Canada: Wholesale trade, MSIO (June)
- Pakistan: Foreign Currency Deposits and Utilization (JUL)
- US: Empire State Mfg Survey (Aug)
- more updates...
Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller February 15, 2004
US retail sales fell 0.3% in January, about as expected due to a 3.3% (+5.6% y/y) decline in spending on motor vehicles. The 1.1% rise in December sales was little revised.
Sales excluding motor vehicles rose 0.6% following an unrevised 0.4% increase in December. Consensus expectations had been for a 0.5% gain.
Spending on discretionary items was mixed last month. Apparel store sales jumped 1.8% (3.9%) following two months of decline and sales at general merchandise stores gained 0.9% (6.5% y/y). Sales at furniture & home furnishings stores fell 0.4% (+1.9% y/y) for the third consecutive monthly decline and building material store sales fell 0.3% (+14.1% y/y).
Sales of nonstore retailers (internet and catalogue) fell 0.2%, 11.3% y/y, but these sales have risen to 9% of nonauto retail sales less gasoline versus less than 7% ten years ago.
Gasoline service station sales recovered 1.8% (17.3% y/y) even though gasoline prices fell slightly last month. Nonauto retail sales less gasoline rose 0.5% (6.6% y/y) in January. In February gasoline prices have risen 4.0% versus January.
Jan | Dec | Y/Y | 2004 | 2003 | 2002 | |
---|---|---|---|---|---|---|
Retail Sales & Food Services | -0.3% | 1.1% | 7.2% | 7.6% | 5.3% | 2.5% |
Excluding Autos | 0.6% | 0.3% | 7.6% | 8.5% | 5.2% | 3.2% |