Global| Aug 11 2005U.S. Retail Sales Disappoint
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales jumped another 1.8% last month, about matching Consensus expectations, following a similar gain in June that was little revised. The figure was a disappointment, however, because without autos and gasoline sales last [...]
US retail sales jumped another 1.8% last month, about matching Consensus expectations, following a similar gain in June that was little revised. The figure was a disappointment, however, because without autos and gasoline sales last month were unchanged after increasing 0.7% in June, revised up from 0.6%.
Motor vehicle & parts dealers' sales jumped 6.7% (17.9% y/y) as successful price discounting programs lifted unit sales 19.0% m/m to a 20.9M selling rate.
Sales at gasoline service stations added 2.4% (20.3% y/y) to the 2.0% rise in June as gasoline prices jumped 6.2% m/m to an average $2.29 per gallon.
Sales at furniture & electronics stores gave back 0.2% (3.9% y/y) of a 1.3% June surge which was double the rise estimated initially. General merchandise store sales also took a breadth and were unchanged following a 1.3% (7.0% y/y) June surge that was little revised. Falling 0.5% (+6.9% y/y), apparel store sales retraced about half of the prior month's 1.1% increase.
Building material store sales fell 0.4% (8.4% y/y) following two months of 0.3% increase.
Sales of nonstore retailers (internet and catalogue) slipped 0.1% (+11.3% y/y) after a 2.7% jump in June that was revised up sharply.
| July | June | Y/Y | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 1.8% | 1.7% | 10.3% | 7.2% | 4.3% | 2.5% |
| Excluding Autos | 0.3% | 0.9% | 8.1% | 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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