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Economy in Brief
U.S. Chicago Business Barometer Fell in March
Chicago PMI fell to 47.8 in March, the ninth consecutive month below 50 growth mark...
U.S. Energy Product Prices Continue to Slide
Retail gasoline prices declined to $2.00 per gallon (-25.5% y/y) in the week ended March 30...
China's PMIs Spurt...Is It Over Already? Hardly
China has logged an exceptional snapback in its manufacturing and nonmanufacturing PMIs in March...
Texas Factory Activity Collapses
The Dallas Fed reported in its Texas Manufacturing Outlook Survey that the General Business Activity Index weakened to -70.0 this month...
U.S. Pending Home Sales Improve Ahead of Coronavirus
The NAR reported that pending home sales increased 2.4% in February (9.4% y/y)...
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 |
