Global| Jun 14 2017U.S. Retail Sales Decline; Nonauto Sales Weaken
by:Tom Moeller
|in:Economy in Brief
Summary
Total retail sales and spending at restaurants fell 0.3% during May (+6.0% y/y) following an unrevised 0.4% April rise. A 0.1% increase had been expected in the Action Economics Forecast Survey. Sales at motor vehicle & parts [...]
Total retail sales and spending at restaurants fell 0.3% during May (+6.0% y/y) following an unrevised 0.4% April rise. A 0.1% increase had been expected in the Action Economics Forecast Survey. Sales at motor vehicle & parts dealerships eased 0.2% (+6.8% y/y) after a 0.5% increase. The decline compares to a 1.3% fall (-3.0% y/y) in unit motor vehicle sales. Retail sales excluding autos decreased 0.3% (+5.8%) following a 0.4% gain during April, revised from 0.2%. A 0.2% rise had been expected.
Spending on nonauto discretionary items was mixed last month. Sales of electronics & appliances fell 2.8% (-0.7% y/y) and reversed the April increase. Purchases at gasoline & service stations declined 2.4% (+6.5% y/y) following m/m stability. Sales at furniture & home furnishings stores were off by 1.1% (+3.4% y/y) after a 0.9% increase. Sporting goods, hobby shop, book & music store sales fell 0.6% (-2.9% y/y) following a 0.4% rise. General merchandise store sales eased 0.3% (+1.3% y/y) after a 0.7% gain. Building material store sales were little changed (+14.2% y/y) after a 0.6% increase. To the upside were nonstore retail sales which increased 0.8% (12.4% y/y) after a 0.9% rise. Apparel store sales improved 0.3% (2.1% y/y) following a 0.2% gain.
In the nondiscretionary sector, health & personal care store sales held steady (2.2% y/y) after three months of strong increase. Food & beverage store sales improved 0.1% (3.1% y/y) following a 0.2% gain.
Restaurant sales eased 0.1% (+1.8% y/y), down for the fourth straight month.
The retail sales data can be found in Haver's USECON database. The Action Economics forecast expectations are included in the AS1REPNA database.
| Retail Spending (%) | May | Apr | Mar | May Y/Y | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | -0.3 | 0.4 | 0.1 | 6.0 | 3.2 | 2.6 | 4.3 |
| Excluding Autos | -0.3 | 0.4 | 0.3 | 5.8 | 3.0 | 1.4 | 3.8 |
| Non-Auto Less Gasoline | -0.0 | 0.5 | 0.4 | 5.8 | 3.9 | 4.2 | 4.6 |
| Retail Sales | -0.3 | 0.5 | 0.1 | 6.6 | 2.9 | 1.9 | 4.1 |
| Motor Vehicle & Parts | -0.2 | 0.5 | -0.5 | 6.8 | 4.1 | 7.3 | 6.4 |
| Retail Less Autos | -0.3 | 0.5 | 0.3 | 6.5 | 2.5 | 0.4 | 3.4 |
| Gasoline Stations | -2.4 | -0.0 | -1.0 | 6.5 | -5.7 | -17.6 | -2.0 |
| Food Service & Drinking Places Sales | -0.1 | -0.2 | -0.1 | 1.8 | 5.9 | 8.1 | 6.1 |
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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