Global| May 12 2005U.S. Retail Sales Jump
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales jumped 1.4% last month following an upwardly revised 0.4% gain in March. Consensus expectations had been for a 0.7% April increase. Excluding motor vehicles sales rose 1.1%, also twice the Consensus expectation.That [...]
US retail sales jumped 1.4% last month following an upwardly revised 0.4% gain in March. Consensus expectations had been for a 0.7% April increase.
Excluding motor vehicles sales rose 1.1%, also twice the Consensus expectation.That followed a 0.2% March gain revised up slightly from the initial estimate of 0.1%. Nonauto retail sales less gasoline in April rose 1.0% (6.8% y/y) following a slight decline in March. Gasoline service station sales surged 1.9% (19.8% y/y).
A 1.2% (7.4% y/y) rise in building material store sales led last month's rise in spending, for the second month.
Spending on discretionary items was mixed. General merchandise store sales surged 1.5% (7.4% y/y) after falling 0.7% in March and apparel store sales recovered 2.8% (7.9% y/y) following the prior month's 2.2% decline. Furniture and electronics sales, however, fell slightly (+4.1% y/y) for the second consecutive month.
Sales of nonstore retailers (internet and catalogue) rose 0.4% (12.4% y/y) following a 1.8% March jump.
| April | March | Y/Y | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 1.4% | 0.4% | 8.6% | 7.3% | 4.3% | 2.5% |
| Excluding Autos | 1.1% | 0.2% | 8.1% | 8.3% | 4.7% | 3.3% |
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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