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Economy in Brief
U.S. Federal Government Budget Deficit Shrinks in July
The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
U.S. Mortgage Applications Rose Slightly in the Latest Week
Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
U.S. Productivity Declines in Q2, Pushing Unit Labor Costs Higher
Nonfarm business sector productivity fell 4.6% (AR) during Q2'22...
U.S. Small Business Optimism Edged Up in July
The NFIB Small Business Optimism Index edged up to 89.9 in July...
U.S. Gasoline & Crude Oil Prices Continue Weakening
Retail gasoline prices declined to $4.04 per gallon (+27.3% y/y) last week...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller September 14, 2007
U.S. August, retail sales rose 0.3% after an upwardly revised 0.5% gain in July. The overall rise was in line with Consensus expectations for a 0.5% increase.
A shortfall, however, was registered by sales excluding autos which fell 0.4%. Any disappointment in that decline was mitigated by the upward revision to the July increase in sales to 0.7% from 0.4% reported initially. Consensus expectations were for a 0.2% gain in August.
Nonauto retail sales less gasoline fell 0.1%r (4.9% y/y) after a July gain that was revised to 0.8% from 0.6% reported last month.
Sales of discretionary items were generally firm last month. Furniture, home furnishings & appliance stores rose 0.4% (2.5% y/y) after an upwardly revised 1.5% July increase that was nearly double the initial report. Sales at general merchandise stores rose 0.3% (5.6% y/y) after rising an unrevised 0.9% in July.Apparel store sales were the disappointment and fell 0.1% after a little revised 1.6% July.
Reflecting weakness in the housing market, building material sales fell a hard 1.0% (-0.1% y/y) in August following a 0.8% July increase that was revised up from 0.2%.
Sales of nonstore retailers (internet & catalogue) fell 1.0% (+6.9% y/y) but the prior month's initially reported gain of 0.4% was revised up to 1.3%.
Sales by motor vehicle & parts dealers rose 2.8% (3.0% y/y) but the 0.3% increase that was reported last month was revised now to show a 1.4% decline. Unit vehicle sales jumped 6.5% in August, spurred by new sales promotions.
Gasoline service station sales fell 2.4% reflecting a 1.7% m/m decline in gas prices at the pump to an average $2.79 per gallon (-3.4% y/y). The decline has since bottomed.
August | July | Y/Y | 2006 | 2005 | 2004 | |
---|---|---|---|---|---|---|
Retail Sales & Food Services | 0.3% | 0.5% | 3.7% | 6.2% | 6.6% | 6.1% |
Excluding Autos | -0.4% | 0.7% | 3.9% | 7.3% | 7.6% | 7.1% |