Global| Oct 15 2012U.S. Retail Sales Growth Is Firm & Broad-based
by:Tom Moeller
|in:Economy in Brief
Summary
The consumer remained in a spending mood last month. Retail sales jumped 1.1% following an upwardly revised 1.2% August rise, last month reported as 0.9%. July's 0.7% increase was upwardly revised as well. A 0.8% gain in September [...]
The consumer remained in a spending mood last month. Retail sales
jumped 1.1% following an upwardly revised 1.2% August rise, last
month reported as 0.9%. July's 0.7% increase was upwardly revised as
well. A 0.8% gain in September sales was expected according to
Action Economics. Less autos, retail sales also were strong and
posted a 1.1% rise which was twice expectations. That increase
followed a 1.0% gain in August which was upwardly revised.
Higher sales at gasoline service stations led last month's strength with a 2.5% (5.8% y/y) rise as Haver's seasonally adjusted gasoline price series rose 5.8% m/m. Motor vehicle sales also were strong and gained 1.3% (8.1% y/y). That increase came after the report earlier this month that unit sales of light vehicles rose 3.0% (13.9% y/y). Discretionary spending was on the upswing as nonauto sales excluding gasoline increased 1.0% (4.4% y/y).
Sales of home furnishings, appliances and electronics jumped 2.4% (5.8% y/y). Appliance and electronics purchases spiked 4.5% (3.6% y/y) while furniture store sales nudged up just 0.4% (8.1% y/y). Sales of apparel & accessory stores also increased 0.6% (4.9% y/y) following firm gains in the prior four months. Sales of general merchandise rose 0.3% (-1.1% y/y) after several months of decline since January. Sales of building materials gained 1.1% (4.5% y/y). Food & beverages store sales rose 1.2% (4.0% y/y) while sales of nonstore retailers spiked 1.8% (15.0% y/y).
The retail sales figure are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending(%) | Sep | Aug | Jul | Sep Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 1.1 | 1.2 | 0.7 | 5.4 | 8.0 | 5.5 | -7.1 |
| Excluding Autos | 1.1 | 1.0 | 0.9 | 4.8 | 7.3 | 4.5 | -5.7 |
| Retail Sales | 1.2 | 1.3 | 0.8 | 5.3 | 8.2 | 5.8 | -7.9 |
| Motor Vehicle & Parts | 1.3 | 1.8 | 0.1 | 8.1 | 10.9 | 10.8 | -13.9 |
| Retail excluding Autos | 1.2 | 1.1 | 0.9 | 4.6 | 7.6 | 4.7 | -6.4 |
| Gasoline Stations | 2.5 | 6.1 | 0.5 | 5.8 | 17.9 | 14.7 | -22.0 |
| Non-Auto Less Gasoline | 1.0 | 0.3 | 1.0 | 4.4 | 5.9 | 3.2 | -3.4 |
| Food Service | 0.4 | 0.2 | 0.4 | 5.6 | 5.9 | 3.2 | -0.9 |
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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