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Economy in Brief
U.S. Existing Home Sales Increase in October--the First in Seven Months
The NAR reported that sales of existing homes in October increased 1.4% m/m to 5.220 million units (SAAR)...
U.S. Durable Goods Orders Decline, Led by Aircraft
Weakness in the durable goods manufacturing sector was evident last month as new orders declined 4.4% (+6.7% y/y)...
U.S. Initial Unemployment Claims Rise, Reach Highest Since June
Initial claims for unemployment insurance rose 3,000 in the week ended November 17 to 224,000 (-6.3% y/y)...
U.S. Housing Starts Increase
Total housing starts rose 1.5% (-2.9% y/y) during October to 1.228 million units (AR)...
Philadelphia Fed Nonmanufacturing Business Activity Rebounds
The Philadelphia Fed reported that its Nonmanufacturing Business Index of current conditions at the company level increased to 42.4 during November...
by Tom Moeller June 14, 2018
Consumers were in a shopping mood last month. Total retail sales increased 0.8% (5.9% y/y) during May following a 0.4% April gain, revised from 0.3%. It was the strongest monthly increase since November. A 0.4% rise had been expected in the Action Economics Forecast Survey. Excluding motor vehicles and parts, retail sales rose 0.9% (6.4% y/y) after a 0.4% increase, revised from 0.3%. It also was the firmest gain in six months. A 0.5% rise had been expected.
A 2.4% improvement (5.2% y/y) in building materials & garden equipment store sales led the increase as it followed a 1.8% gain. Clothing & accessory store sales also were strong and jumped 1.3% (5.9% y/y), about as they did in April. Purchases at general merchandise stores gained 1.2% (5.0% y/y ) after a 0.3% decline. Furniture & home furnishing store sales increased 0.8% (6.1% y/y) after strengthening 1.4%. Nonstore retailers posted a 0.6% rise (9.6% y/y) in sales after two monthly increases of roughly 1.0%. Sales of motor vehicles & parts rose 0.5% (4.0% y/y) on the heels of a 0.2% gain. The increase compared to a 1.5% decline in unit vehicle sales reported earlier this month. Electronics & appliance store sales improved 0.2% (1.9% y/y) following a 0.1% dip. To the downside were sales at furniture & home furnishings stores which fell 2.4% (+3.5% y/y) and reversed the prior month's gain. Sporting goods, hobby, book & music store purchases declined 1.1% (-0.7% y/y) after a 0.2% slip.
Purchases at gasoline service stations increased 2.0% (17.7% y/y) as the pump price of gasoline rose.
Sales of nondiscretionary items were mixed last month. Health & personal care store sales gained 0.5% (2.9% y/y) as they did in April. Food & beverage store sales were fairly steady (3.6% y/y) following a 0.5% increase.
Individuals recovered an interest in eating out last month. Food service & drinking establishment sales increased 1.3% (5.1% y/y) after a 0.3% fall.
The retail sales data can be found in Haver's USECON database. The Action Economics forecast is in the AS1REPNA database.
| Retail Spending (% chg) | May | Apr | Mar | May Y/Y | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.8 | 0.4 | 0.7 | 5.9 | 4.3 | 3.1 | 2.6 |
| Excluding Autos | 0.9 | 0.4 | 0.4 | 6.4 | 4.3 | 2.7 | 1.4 |
| Non-Auto Less Gasoline | 0.8 | 0.3 | 0.5 | 5.1 | 3.7 | 3.6 | 4.2 |
| Retail Sales | 0.8 | 0.4 | 0.7 | 6.0 | 4.5 | 2.8 | 1.9 |
| Motor Vehicle & Parts | 0.5 | 0.2 | 1.9 | 4.0 | 4.3 | 4.6 | 7.2 |
| Retail Less Autos | 0.8 | 0.5 | 0.3 | 6.6 | 4.5 | 2.2 | 0.4 |
| Gasoline Stations | 2.0 | 1.0 | 0.0 | 17.7 | 8.8 | -5.7 | -17.6 |
| Food Service & Drinking Places Sales | 1.3 | -0.3 | 1.1 | 5.1 | 2.7 | 5.6 | 8.2 |
