Global| Mar 13 2012U.S. Retail Sales Driven By Autos & Gasoline
by:Tom Moeller
|in:Economy in Brief
Summary
Retail sales jumped 1.1% (6.5% y/y) during February following upwardly revised gains of 0.6% and 0.3% during the prior two months. The improvement about matched Consensus expectations for a 1.1% rise according to Action Economics. The [...]
Retail sales jumped 1.1% (6.5% y/y) during February following upwardly
revised gains of 0.6% and 0.3% during the prior two months. The
improvement about matched Consensus expectations for a 1.1% rise
according to Action Economics. The latest increase was the strongest since
September. Higher gasoline prices ware behind much of last month's
spending and gas purchases which rose 3.3% (10.3% y/y). Outlays on motor
vehicles also were strong and jumped 1.6% (6.9% y/y). Excluding both
gasoline and autos, retail sales rose 0.5% last month (5.4% y/y) after a
0.9% January increase.
Strength in motor vehicle purchases follows the earlier report of a 6.5% rise (13.7% y/y) in unit sales. However, purchases of other discretionary items again were mixed. Apparel stores posted a 1.8% jump (7.3% y/y) after a 0.7% January gain. To the weak side, furniture, home furnishings & appliances slipped 0.1% (+3.1% y/y) following a 1.1% January rise. General merchandise store sales slipped 0.1% (+2.9% y/y) after January's 0.8% gain. Sales by nonstore retailers rose 1.0% (8.5% y/y) and restaurant sales increased 0.8% (8.2% y/y).
The retail sales figure are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending (%) | Feb | Jan | Dec | Feb Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 1.1 | 0.6 | 0.3 | 6.5 | 7.7 | 6.4 | -7.0 |
| Excluding Autos | 0.9 | 1.1 | -0.2 | 6.4 | 7.2 | 5.7 | -5.5 |
| Retail Sales | 1.1 | 0.5 | 0.3 | 6.3 | 7.9 | 6.8 | -7.8 |
| Motor Vehicle & Parts | 1.6 | -1.6 | 2.6 | 6.9 | 10.1 | 9.8 | -13.7 |
| Retail excluding Autos | 1.0 | 1.1 | -0.3 | 6.1 | 7.4 | 6.1 | -6.3 |
| Gasoline Stations | 3.3 | 1.9 | -2.1 | 10.3 | 17.4 | 17.0 | -22.2 |
| Non-Auto Less Gasoline | 0.5 | 0.9 | 0.0 | 5.4 | 5.8 | 4.5 | -3.3 |
| Food Service | 0.8 | 1.4 | 0.6 | 8.2 | 5.9 | 2.6 | -0.5 |
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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