Recent Updates
- China: Foreign Reserves (Feb)
- US: Employment Situation (Feb), Intl Trade (Jan)
- US: Establishment Survey Detail (Feb)
- US: Household Survey Detail (Feb)
- more updates...
Economy in Brief
U.S. Consumer Credit Outstanding Declines in January
Consumers reduced credit balances further in January...
U.S. Trade Deficit Widens to $68.2 Billion in January
The U.S. trade deficit in goods and services widened to $68.2 billion in January...
German Order Growth Gets Back in Gear Despite the Headwinds
German order growth is back in gear with total orders rising by 1.4% m/m in January...
U.S. Factory Orders & Shipments Rise Again in January
Manufacturing activity is strengthening. Factory orders rose 2.6% (2.8% y/y) in January...
U.S. Initial Unemployment Insurance Claims Rise Just 9,000
Initial claims for unemployment insurance rose modestly by 9,000 to 745,000 in the week ended February 27...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller March 15, 2005
US retail sales rose 0.5% last month and about matched Consensus expectations. The gain was accompanied, however, by an upward revision to January sales which are now estimated to have risen 0.3% versus the initial report of a 0.3% decline.
Sales excluding motor vehicles rose 0.4% in February following a revised 1.0% January increase which was nearly double the initial report. Consensus expectations had been for a 0.8% rise in February nonauto sales.
The tone of spending on discretionary items appears firmer than it did last month due to strong February increases and upward revisions to January results. Sales at furniture & home furnishings stores jumped 1.1% (5.9% y/y) after a 1.4% January spurt. Apparel store sales added 1.1% (5.0% y/y) to a 1.7% January leap and February sales at general merchandise stores rose 0.7% (6.6% y/y).
Sales of nonstore retailers (internet and catalogue) slipped marginally m/m (+12.5% y/y) but January now is estimated at up 1.0%.
Gasoline service station sales rose 0.9% (16.4% y/y) on the strength of a 4.3% increase in gasoline prices to an average $1.91 per gallon. In the latest week gasoline prices averaged a near record $2.06. Nonauto retail sales less gasoline rose 0.4% (7.5% y/y) in February after a 1.0% January increase
Building material store sales fell 1.3% (+13.1% y/y).
Feb | Jan | Y/Y | 2004 | 2003 | 2002 | |
---|---|---|---|---|---|---|
Retail Sales & Food Services | 0.5% | 0.3% | 7.7% | 7.6% | 5.3% | 2.5% |
Excluding Autos | 0.4% | 1.0% | 8.4% | 8.5% | 5.2% | 3.2% |