Global| Jun 13 2006U.S. Retail Sales Increase As Expected
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales increased an expected 0.1% following an upwardly revised 0.8% rise during April. Retail sales during the first five months of 2006 rose at a 9.2% annual rate versus the 7.2% rise during all of last year. Nonauto sales [...]
US retail sales increased an expected 0.1% following an upwardly revised 0.8% rise during April. Retail sales during the first five months of 2006 rose at a 9.2% annual rate versus the 7.2% rise during all of last year.
Nonauto sales made up some of the prior month's disappointment and rose 0.5%. The 0.8% April increase was little revised. Consensus expectations had been for a 0.5% May increase.
Sales at gasoline stations jumped another 1.9% (21.9% y/y) due to the 6.0% m/m increase in retail gasoline prices to an average of $2.91 per gallon.
Less gasoline, nonauto retail sales rose 0.3% (7.5% y/y) following a 0.1% up tick during April which was downwardly revised. Year to date, nonauto retail sales less gasoline increased 8.4% at an annual rate versus a 6.7% increase during 2005.
Sales of discretionary items were mixed last month. General merchandise stores rose 0.3% (6.0% y/y) after a 0.7% increase during April and apparel store sales rose 0.2% (6.0% y/y) after two months of 0.5% increase. Sales of nonstore retailers (internet & catalogue) jumped 1.8% (14.1% y/y) and have risen 10.8% (AR) year to date. To the downside were sales of furniture, electronics & appliances which slipped 0.1% (+6.7% y/y) due to lower furniture sales (-0.5% m/m, +7.4% y/y). Building material sales also fell 0.4% (+11.2% y/y), down for the second consecutive month.
Sales by motor vehicle & parts dealers fell 1.6% (+1.9% y/y) and reflected a 3.9% m/m decline in unit auto sales to 16.10M.
| May | April | Y/Y | 2005 | 2004 | 2003 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 0.1% | 0.8% | 7.6% | 7.2% | 6.2% | 4.2% |
| Excluding Autos | 0.5% | 0.8% | 9.1% | 8.2% | 7.2% | 4.7% |
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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