Recent Updates
- Australia: Sydney and Melbourne Labor Force Summary (Jan)
- Japan: Input Output Prices (Jan)
- US: New Residential Sales, Final Building Permits (Jan)
- Belgium: Employment Indexes (Q4)
- more updates...
Economy in Brief
U.S. Mortgage Applications Decline as Interest Rates Continue to Increase
The MBA Mortgage Loan Applications Index declined 11.4%...
French Sectors Show Minor Recovery from Pre-Covid19 Levels
French industry climate improved in February...
U.S. Consumer Confidence Increases in February
The Conference Board Consumer Confidence Index increased 2.7% (-31.1% y/y) to 91.3 during February...
U.S. FHFA House Price Index Continues to Rise Markedly
The Federal Housing Finance Agency (FHFA) House Price Index increased 1.1% m/m in December...
U.S. Energy Prices Surge as Texas Freeze Limits Supply
The price of regular gasoline strengthened to $2.63 per gallon (6.8% y/y) in the week ended February 22...
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% |