Global| Dec 13 2005U.S. Retail: Less Spent on Gasoline, More on Other Stuff
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales increased 0.3% for the third straight month in November. The increase about matched Consensus expectations for a 0.4% rise and October's gain was upwardly revised. Less autos, retail sales fell 0.3% versus expectations [...]
US retail sales increased 0.3% for the third straight month in November. The increase about matched Consensus expectations for a 0.4% rise and October's gain was upwardly revised. Less autos, retail sales fell 0.3% versus expectations for no change.
A 16.9% drop in pump prices weighed heavily on last month's sales tally and it fostered a 5.9% m/m drop in sales at gasoline service stations. Gas prices in December have stabilized w/w around $2.17 per gallon, down a dime from the November average.
Less gasoline, nonauto retail sales rose 0.5% (7.6% y/y) following a little revised 1.0% October gains. For the fourth straight month sales at building material & supply dealers ballooned, last month by 1.9% (14.5% y/y).
Discretionary spending continued firm and added marginally to strong October gains. Apparel store sales added 0.2% (7.3% y/y) to a 2.6% pop and general merchandise store sales rose 0.1% (6.7% y/y) on top of a strong 1.1% October increase.
A little less firm were sales at furniture & electronics stores which rose just 0.1% (6.6% y/y) following a 0.3% drop in October. Sales of nonstore retailers (internet & catalogue) also fell by 0.2% (10.3% y/y) after a 0.8% October increase.
| Nov | Oct | Y/Y | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 0.3% | 0.3% | 6.3% | 7.3% | 4.3% | 2.5% |
| Excluding Autos | -0.3% | 0.8% | 8.7% | 8.2% | 4.7% | 3.3% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
