Global| Mar 15 2005U.S. Retail Sales Firm
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales rose 0.5% last month and about matched Consensus expectations. The gain was accompanied, however, by an upward revision to January sales which are now estimated to have risen 0.3% versus the initial report of a 0.3% [...]
US retail sales rose 0.5% last month and about matched Consensus expectations. The gain was accompanied, however, by an upward revision to January sales which are now estimated to have risen 0.3% versus the initial report of a 0.3% decline.
Sales excluding motor vehicles rose 0.4% in February following a revised 1.0% January increase which was nearly double the initial report. Consensus expectations had been for a 0.8% rise in February nonauto sales.
The tone of spending on discretionary items appears firmer than it did last month due to strong February increases and upward revisions to January results. Sales at furniture & home furnishings stores jumped 1.1% (5.9% y/y) after a 1.4% January spurt. Apparel store sales added 1.1% (5.0% y/y) to a 1.7% January leap and February sales at general merchandise stores rose 0.7% (6.6% y/y).
Sales of nonstore retailers (internet and catalogue) slipped marginally m/m (+12.5% y/y) but January now is estimated at up 1.0%.
Gasoline service station sales rose 0.9% (16.4% y/y) on the strength of a 4.3% increase in gasoline prices to an average $1.91 per gallon. In the latest week gasoline prices averaged a near record $2.06. Nonauto retail sales less gasoline rose 0.4% (7.5% y/y) in February after a 1.0% January increase
Building material store sales fell 1.3% (+13.1% y/y).
| Feb | Jan | Y/Y | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 0.5% | 0.3% | 7.7% | 7.6% | 5.3% | 2.5% |
| Excluding Autos | 0.4% | 1.0% | 8.4% | 8.5% | 5.2% | 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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