Global| Aug 13 2013U.S. Retail Sales Gain Slackens As Motor Vehicle Sales Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Retail sales nudged up just 0.2% last month (5.4% y/y) following a revised June gain of 0.6%, initially reported as 0.4%. A 0.3% rise had been expected according to Action Economics. Retail sales excluding motor vehicles were stronger [...]
Retail sales nudged up just 0.2% last month (5.4% y/y) following a revised June gain of 0.6%, initially reported as 0.4%. A 0.3% rise had been expected according to Action Economics. Retail sales excluding motor vehicles were stronger and posted a 0.5% rise after a 0.1% June uptick (4.0% y/y). The latest increase beat expectations for a 0.4% advance.
Fewer sales of motor vehicles & parts held back the overall gain in retail spending with a 1.0% decline (11.8% y/y. The drop accompanied a 0.5% shortfall (+11.2% y/y) in unit motor vehicle sales, reported earlier this month. That decline was accompanied by a 0.4% drop (+7.9% y/y) in building material sales. Gasoline service station sales rose 0.9% (4.9% y/y) as pump prices increased. Spending outside of these three areas is used in calculating gross domestic product, and sales gained 0.5% (3.2% y/y) last month following two months of 0.3% increase.
Sales performance remained mixed amongst spending categories last month. To the upside were apparel store sales which rose 0.9% (4.2% y/y) following two months of decline. Food & beverage store sales increased 0.8% (3.3) and health & personal care products purchases rose 0.7% (1.4% y/y). Restaurant sales advanced 0.6% (3.9% y/y) while general merchandise store sales gained 0.4% (1.1% y/y). Spending at nonstore retailers ticked up just 0.1% (8.8% y/y) after a firm 1.5% June jump. To the downside, purchases at furniture & home furnishings stores declined 1.4% (+2.9% y/y) while sales of electronics and appliances slipped 0.1% (-0.4% y/y).
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending (%) | Jul | Jun | May | Jul Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.2 | 0.6 | 0.5 | 5.4 | 5.3 | 7.5 | 5.5 |
| Excluding Autos | 0.5 | 0.1 | 0.2 | 4.0 | 4.8 | 7.0 | 4.5 |
| Non-Auto Less Gasoline & Building Supplies | 0.5 | 0.3 | 0.3 | 3.2 | 4.3 | 5.4 | 3.5 |
| Retail Sales | 0.1 | 0.8 | 0.6 | 5.6 | 5.0 | 7.7 | 5.8 |
| Motor Vehicle & Parts | -1.0 | 2.9 | 1.8 | 11.8 | 7.5 | 10.1 | 10.6 |
| Retail Less Autos | 0.5 | 0.2 | 0.3 | 4.0 | 4.4 | 7.1 | 4.6 |
| Gasoline Stations | 0.9 | 0.6 | 0.3 | 4.9 | 4.0 | 18.4 | 14.6 |
| Food Service & Drinking Places Sales | 0.6 | -0.5 | -0.7 | 3.9 | 7.2 | 6.0 | 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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