Global| May 13 2013U.S. Retail Sales Edge Higher Despite Lower Gasoline Prices
by:Tom Moeller
|in:Economy in Brief
Summary
There was broad-based improvement in retail purchases last month. Retail sales during April nudged up 0.1% (3.7% y/y) following a 0.5% slip in March, earlier reported as -0.4%. Earlier numbers also were revised. The latest figure [...]
There was broad-based improvement in retail purchases last month. Retail sales during April nudged up 0.1% (3.7% y/y) following a 0.5% slip in March, earlier reported as -0.4%. Earlier numbers also were revised. The latest figure contrasted with expectations for a 0.3% decline, according to Action Economics. Retail sales excluding autos slipped an expected 0.1% (+2.8% y/y) after a 0.6% March decline.
Gasoline service station sales fell 4.7% (-4.6% y/y) after a 3.2% decline as gas prices continued lower. Sales of motor vehicles & parts gained 1.0% (7.7% y/y, although unit vehicle sales declined m/m. Building material sales also rose a strong 1.5% (4.1% y/y) and made up a 1.0% March drop. Spending outside of these three areas is used in calculating gross domestic product, and sales gained 0.5% (3.7% y/y) last month after a 0.1% uptick.
Apparel store sales increased 1.2% (5.7% y/y) after a 0.7% rise in March. That increase was followed by a 1.0% (-0.7% y/y) rise in general merchandise store purchases after a 0.7% decline. Sales at electronics and appliance stores gained 0.8% (0.4% y/y) and recovered a piece of the prior month's 1.9% slump. On the weak side, sales of furniture & home furnishing stores were unchanged (3.9% y/y) after a 1.1% spurt. Food & beverage store sales fell 0.8% (+2.0% y/y) but a 0.8% rise (4.5% y/y) in restaurant sales offset this weakness. Sales of nonstore retailers jumped 1.4% (15.4% y/y) following a 0.7% rise during March.
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
The Evolution of Debt Balances from the Federal Reserve Bank of Cleveland can be found here .
| Retail Spending (%) | Apr | Mar | Feb | Apr Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.1 | -0.5 | 1.1 | 3.7 | 5.0 | 8.0 | 5.5 |
| Excluding Autos | -0.1 | -0.4 | 1.1 | 2.8 | 4.4 | 7.4 | 4.5 |
| Non-Auto Less Gasoline & Building Supplies | 0.5 | 0.1 | 0.5 | 3.7 | 4.4 | 6.0 | 3.5 |
| Retail Sales | -0.0 | -0.6 | 1.3 | 3.6 | 4.8 | 8.3 | 5.8 |
| Motor Vehicle & Parts | 1.0 | -0.6 | 1.4 | 7.7 | 7.7 | 10.8 | 10.8 |
| Retail excluding Autos | -0.3 | -0.6 | 1.3 | 2.5 | 4.0 | 7.6 | 4.7 |
| Gasoline Stations | -4.7 | -3.2 | 5.3 | -4.6 | 3.7 | 17.8 | 14.7 |
| Food Service & Drinking Places Sales | 0.8 | 0.5 | -0.5 | 4.5 | 7.1 | 5.9 | 3.2 |
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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