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Economy in Brief
Japan’s Trade Surplus Returns Even As Trade Flows Slow
While the IMF has just lifted its outlook for growth in 2018, Japan is logging weaker and weaker export and import growth as the year progresses...
U.S. Industrial Production Strengthens; Factory Output Ticks Higher
The Fed reported that industrial production increased 0.5% (4.3% y/y) during March...
U.S. Housing Starts and Building Permits Recover
Total housing starts in March increased 1.9% to 1.319 million units (SAAR)...
U.S. Gasoline and Crude Oil Prices Strengthen
Retail gasoline prices rebounded to $2.75 per gallon last week (22.8% y/y)...
ZEW Expectations Take a Dive: From Fear to Eternity
Current conditions indexes in the ZEW framework usually do not change by much month-to-month...
by Tom Moeller April 13, 2006
US retail sales rebounded 0.6% last month from a 0.8% decline during February that was revised from the 1.3% drop reported initially. Consensus expectations has been for a for a 0.5% gain.
Motor vehicle & parts dealers sales rebounded 1.6% (3.3% y/y) from a 2.8% February decline, initially reported at -4.6%. The rise compared to a slight 0.1% m/m decline in auto sales to 16.59M units.
Nonauto sales increased 0.4% after a 0.3% February decline that was slightly milder than the 0.4% fall in the advance report and was a bit short of Consensus expectations for a 0.5% increase.
Consumer spending on discretionary items was flat during March. General merchandise store sales rose 0.1% (6.4% y/y) after a 0.1% February slip. Apparel store sales registered a negligible decline (+6.6% y/y) after a 1.1% skid one month earlier while sales of furniture, electronics & appliances slipped 0.2% (+7.1% y/y) on the heels of a 2.9% flop during February.
Building material sales were an area of strength last month and posted a 1.2% (17.9% y/y) increase after a downwardly revised 0.4% February increase. The February increase contrasted with the 1.5% jump estimated initially.
Sales at gasoline stations slipped 0.1% (+13.6% y/y) though retail gasoline prices rose 6.3% m/m to $2.43 per gallon.
Nonauto retail sales less gasoline rose 0.4% (8.7% y/y) last month following a 0.1% slip during February.
Sales of nonstore retailers (internet & catalogue) increased 1.6% (14.1% y/y) after a little revised 3.1% jump during February.
Recent Developments in Consumer Credit and Payments from the Federal Reserve Bank of Philadelphia is available here.
Mar | Feb | Y/Y | 2005 | 2004 | 2003 | |
---|---|---|---|---|---|---|
Retail Sales & Food Services | 0.6% | -0.8% | 7.9% | 7.2% | 6.2% | 4.2% |
Excluding Autos | 0.4% | -0.3% | 9.2% | 8.2% | 7.2% | 4.7% |