Global| Jun 14 2005U.S. Retail Sales Backpedal
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales slipped 0.5% last month following a little revised 1.5% spurt in April. Consensus expectations had been for a 0.2% decline. The 0.2% decline in sales excluding motor vehicles followed an upwardly revised 1.4% jump in [...]
US retail sales slipped 0.5% last month following a little revised 1.5% spurt in April. Consensus expectations had been for a 0.2% decline.
The 0.2% decline in sales excluding motor vehicles followed an upwardly revised 1.4% jump in April. Consensus expectations had been for a 0.2% increase. Some of the weakness was due to a 1.6% decline in gasoline service station sales (+13.4% y/y). Nonauto retail sales less gasoline in May were about unchanged (6.6% y/y).
Spending on discretionary items was quite mixed. General merchandise store sales fell 0.1% (+4.9% y/y) after a sharp 1.3% jump in April. Apparel store sales dropped 0.8% (+5.8% y/y) but sales at furniture and electronics sales increased 0.2% (+6.7% y/y).
Building material store sales added 0.5% (9.2% y/y) to the very sharp increases of the prior two months.
Sales of nonstore retailers (internet and catalogue) dropped 1.1% (11.9% y/y) but April's gain was revised sharply higher to 1.2%.
| May | April | Y/Y | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | -0.5% | 1.5% | 6.4% | 7.3% | 4.3% | 2.5% |
| Excluding Autos | -0.2% | 1.4% | 7.4% | 8.3% | 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.
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