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Economy in Brief
U.S. Construction Spending Unexpectedly Dips in May After Seven Straight Monthly Rises
The value of construction put-in-place ticked down 0.1% m/m (+9.7% y/y) in May...
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U.S. Income Gained, Spending Slowed in May
Personal income growth remained solid while household spending slowed in May...
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The ISM-Chicago Purchasing Managers Business Barometer fell to 56.0...
U.S. Unemployment Claims Edged Down
Initial claims for unemployment insurance filed in the week ended June 25 declined by 2,000 to 231,000...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller March 14, 2018
Total retail sales slipped 0.1% (+4.0% y/y) during February, following two months of similar decline. January's result was revised from -0.3% reported initially. A 0.4% increase had been expected in the Action Economics Forecast Survey. Excluding motor vehicles and parts, retail sales improved 0.2% (4.4% y/y) following a 0.1% rise, revised from a slight decline. A 0.4% increase had been expected.
Sales of discretionary items were mixed last month. Sales of motor vehicles & parts fell 0.9% (+2.3% y/y), down for the fourth consecutive month. It compared to a 0.5% decline in unit auto sales reported earlier this month. Sales at furniture & home furnishing stores weakened 0.8% (+3.3% y/y), off for the third straight month. General merchandise store sales fell 0.4% (+2.4% y/y) and reversed the prior month's rise. Electronics appliance store sales eased 0.1% (+4.5% y/y) following a 1.1% jump. Countering these declines was a 2.2% increase (-3.5% y/y) in sporting goods, hobby, book & music store purchases which followed three straight months of lower sales. Building materials & garden equipment store sales increased 1.9% (4.6% y/y) and reversed January's decline. Sales of nonstore retailers improved 1.0% (10.1% y/y) after a 0.9% shortfall. Clothing & accessory store sales improved 0.4% (4.9% y/y) after a 0.9% increase.
Gasoline service station sales fell 1.2% (+7.9 y/y) as pump prices declined, following a 1.9% rise.
Sales of nondiscretionary items softened last month. Health & personal care store sales fell 0.4% (+0.4% y/y), the fourth straight monthly shortfall. Food & beverage store sales eased slightly (+3.2% y/y) for a second straight month.
Food service & drinking establishment sales improved 0.2% (2.7% y/y) after a 0.1 % uptick.
The retail sales data can be found in Haver's USECON database. The Action Economics forecast is in the AS1REPNA database.
Rising Public Debt to GDP Can Harm Economic Growth from the Federal Reserve Bank of Dallas is available here.
Retail Spending (% chg) | Feb | Jan | Dec | Feb Y/Y | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total Retail Sales & Food Services | -0.1 | -0.1 | -0.1 | 4.0 | 4.2 | 3.2 | 2.6 |
Excluding Autos | 0.2 | 0.1 | -0.0 | 4.4 | 4.2 | 3.0 | 1.4 |
Non-Auto Less Gasoline | 0.3 | -0.2 | 0.0 | 4.0 | 3.6 | 3.9 | 4.2 |
Retail Sales | -0.1 | -0.1 | -0.2 | 4.0 | 4.4 | 2.9 | 1.9 |
Motor Vehicle & Parts | -0.9 | -0.9 | -0.2 | 2.3 | 4.1 | 4.1 | 7.3 |
Retail Less Autos | 0.1 | 0.1 | -0.2 | 4.7 | 4.5 | 2.5 | 0.4 |
Gasoline Stations | -1.2 | 1.9 | 0.1 | 7.9 | 8.9 | -5.7 | -17.6 |
Food Service & Drinking Places Sales | 0.2 | 0.1 | 0.8 | 2.7 | 2.8 | 5.9 | 8.1 |