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Economy in Brief
U.S. Mortgage Loan Applications Reverse Earlier Increase
The MBA total Mortgage Applications Index declined 2.5% last week (-12.8% y/y)...
German Trade Surplus Widens; Exports and Imports Show Some Life in April/May
The German trade account surplus widened in May after narrowing in April...
U.S. Industrial Production Remains Volatile
The Federal Reserve reported that industrial production increased 0.6% (3.8% y/y) during June...
U.S. Home Builder Index Holds Steady
The NAHB-Wells Fargo Composite Housing Market Index was unchanged (+6.8% y/y) at 68 during July...
U.S. Gasoline Price Steady; Crude Oil Falls Sharply
Retail gasoline prices edged up to $2.87 per gallon last week (+25.8% y/y)...
by By Robert Brusca October 31, 2007
German retail sales rose in September with downward revision to the earlier month showing a strong 2.3% rise in real ex-auto sales. The series is up by 5.1% from one year ago, a pretty good Yr/Yr rise. But in the third quarter this gain still only leaves sales up at a 1.4% annual rate. The revival in sales was across the main retail categories. While the rise of 1.4% in the quarter is not very strong it is in line with what exceptions have been for German retailing where the outlook has been set low all year long.
| German Real and Nominal Retail Sales | ||||||||
|---|---|---|---|---|---|---|---|---|
| Nominal | Sep-07 | Aug-07 | Jul-07 | 3-MO | 6-MO | 12-MO | YrAgo | New QTR Saar |
| Retail Ex auto | 2.6% | -1.3% | 0.6% | 8.2% | 4.8% | 2.4% | 5.6% | 1.7% |
| Motor Vehicle and Parts | #N/A | 3.6% | 0.9% | #N/A | #N/A | #N/A | 15.2% | #N/A |
| Food, Beverages & Tobacco | 3.4% | -1.2% | -0.1% | 8.5% | 4.7% | 1.9% | 5.1% | -0.9% |
| Clothing footwear | 3.4% | 0.2% | 0.2% | 16.0% | 7.3% | 14.0% | 3.4% | 1.4% |
| Real | ||||||||
| Retail Ex auto | 2.3% | -1.6% | 0.7% | 6.0% | 3.0% | 1.4% | 5.1% | 1.4% |
