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Total borrowing in U.S. financial markets rose to $4,266 billion in Q3 2019...
U.S. Producer Prices Are Unexpectedly Tame; Core Prices Weaken
The Producer Price Index for final demand was unchanged during November (1.1% y/y)...
by Tom Moeller June 14, 2019
Total retail sales increased 0.5% (3.2% y/y) during May following a 0.3% April increase, revised from a 0.2% slip reported initially. A 0.6% gain had been expected in the Action Economics Forecast Survey. Retail sales excluding motor vehicles and parts rose 0.5% (3.2% y/y), the same as during April, revised from 0.1%. A 0.4% gain had been expected.
Last month, sales of motor vehicle & parts increased 0.7% (3.1% y/y) after a 0.5% fall during April. This compared to a 6.2% gain in unit sales of motor vehicles during May.
A measure of the underlying pace of retail spending is nonauto sales growth excluding gasoline and building materials. These sales rose 0.5% (3.4% y/y) after a 0.4% rise, revised from unchanged.
Sales strength was broad-based last month. Purchases via the internet surged 1.4% (11.4% y/y), following a 0.5% rise. Purchases at sporting goods, hobby, book and music stores rose 1.1% (-4.2% y/y) and repeated April's strength. Sales of electronics & appliance store also rose 1.1% (-2.4% y/y) and reversed April's 1.3% decline. General merchandise store sales increased 0.7% (3.3% y/y), extending the strength during the prior two months. Elsewhere, goods spending was tepid. Furniture & home furnishings store sales gained 0.1% (0.6% y/y) following a 0.6% rise. Sales of building materials and garden equipment were little changed (0.2% y/y) following a 0.6% decline. Clothing & accessory store sales also held steady (-2.3% y/y) after a 0.2% dip.
Gasoline service station sales improved 0.3% (3.2% y/y) as prices continued to increase.
Sales of nondiscretionary items were mixed last month. Food & beverage store sales slipped 0.1% (+1.6% y/y) after a 0.2% rise. Health & personal care product store sales improved 0.6% (3.4% y/y) following a 0.2% increase.
Restaurant & drinking establishment sales increased 0.7% (3.7% y/y) after a 0.3% rise.
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 | 2018 | 2017 | 2016 |
---|---|---|---|---|---|---|---|
Total Retail Sales & Food Services | 0.5 | 0.3 | 1.8 | 3.2 | 4.9 | 4.7 | 2.9 |
Excluding Autos | 0.5 | 0.5 | 1.4 | 3.2 | 5.5 | 4.7 | 2.5 |
Retail Sales | 0.5 | 0.3 | 1.9 | 3.1 | 4.7 | 5.0 | 2.5 |
Motor Vehicle & Parts | 0.7 | -0.5 | 3.2 | 3.1 | 2.7 | 4.9 | 4.3 |
Retail Less Autos | 0.5 | 0.5 | 1.5 | 3.1 | 5.4 | 5.0 | 2.0 |
Gasoline Stations | 0.3 | 2.1 | 3.6 | 3.2 | 12.9 | 9.4 | -5.8 |
Food Service & Drinking Places Sales | 0.7 | 0.3 | 0.9 | 3s.7 | 6.1 | 3.1 | 5.2 |