Global| Aug 10 2006U.S. Retail Sales Larger than Expected
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales in July increased 1.4% from the previous month beating consensus expectations of 0.8%. Nonauto retail sales were also larger than expected, increasing 1.0% on a monthly basis. Consensus expectations for nonauto retail [...]
US retail sales in July increased 1.4% from the previous month beating consensus expectations of 0.8%. Nonauto retail sales were also larger than expected, increasing 1.0% on a monthly basis. Consensus expectations for nonauto retail sales had been for a 0.5% increase in sales last month.
Leading the increase was sales by motor vehicle & parts dealers which rose 3.06% in July reversing the previous month's sales decline of 2.48%.
Building material sales jumped 1.85% (10.89% y/y) after three consecutive months of decline.
Sales at gasoline stations went up 2.55% (19.23% y/y) boosted by an increase in gasoline prices from an average of $2.89 per gallon in June to $2.98 per gallon in July.
Less gasoline, nonauto retail sales rose 1.26% from the previous month and 3.32% from a year ago.
Sales of discretionary items were also higher last month. Sales of furniture, electronics & appliances increased 1.18% (8.89% y/y) after a 0.8% gain during June. General merchandise stores rose 0.3% (5.05% y/y) while apparel store sales rose 0.7% (7.6% y/y). Sales of nonstore retailers (internet & catalogue) were up 2.05% (15.6% y/y).
| July | June | Y/Y | 2005 | 2004 | 2003 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 1.40% | -0.40% | 4.8% | 7.2% | 6.2% | 4.2% |
| Excluding Autos | 0.98% | 0.13% | 9.2% | 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.
