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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller October 15, 2012
The consumer remained in a spending mood last month. Retail sales
jumped 1.1% following an upwardly revised 1.2% August rise, last
month reported as 0.9%. July's 0.7% increase was upwardly revised as
well. A 0.8% gain in September sales was expected according to
Action Economics. Less autos, retail sales also were strong and
posted a 1.1% rise which was twice expectations. That increase
followed a 1.0% gain in August which was upwardly revised.
Higher sales at gasoline service stations led last month's strength with a 2.5% (5.8% y/y) rise as Haver's seasonally adjusted gasoline price series rose 5.8% m/m. Motor vehicle sales also were strong and gained 1.3% (8.1% y/y). That increase came after the report earlier this month that unit sales of light vehicles rose 3.0% (13.9% y/y). Discretionary spending was on the upswing as nonauto sales excluding gasoline increased 1.0% (4.4% y/y).
Sales of home furnishings, appliances and electronics jumped 2.4% (5.8% y/y). Appliance and electronics purchases spiked 4.5% (3.6% y/y) while furniture store sales nudged up just 0.4% (8.1% y/y). Sales of apparel & accessory stores also increased 0.6% (4.9% y/y) following firm gains in the prior four months. Sales of general merchandise rose 0.3% (-1.1% y/y) after several months of decline since January. Sales of building materials gained 1.1% (4.5% y/y). Food & beverages store sales rose 1.2% (4.0% y/y) while sales of nonstore retailers spiked 1.8% (15.0% y/y).
The retail sales figure are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
Retail Spending(%) | Sep | Aug | Jul | Sep Y/Y | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
Total Retail Sales & Food Services | 1.1 | 1.2 | 0.7 | 5.4 | 8.0 | 5.5 | -7.1 |
Excluding Autos | 1.1 | 1.0 | 0.9 | 4.8 | 7.3 | 4.5 | -5.7 |
Retail Sales | 1.2 | 1.3 | 0.8 | 5.3 | 8.2 | 5.8 | -7.9 |
Motor Vehicle & Parts | 1.3 | 1.8 | 0.1 | 8.1 | 10.9 | 10.8 | -13.9 |
Retail excluding Autos | 1.2 | 1.1 | 0.9 | 4.6 | 7.6 | 4.7 | -6.4 |
Gasoline Stations | 2.5 | 6.1 | 0.5 | 5.8 | 17.9 | 14.7 | -22.0 |
Non-Auto Less Gasoline | 1.0 | 0.3 | 1.0 | 4.4 | 5.9 | 3.2 | -3.4 |
Food Service | 0.4 | 0.2 | 0.4 | 5.6 | 5.9 | 3.2 | -0.9 |