Global| Jan 15 2008U.S. Retail Sales Miss Expectations
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. retail sales fell 0.4% last month and missed expectations for no change. November's gain was revised down slightly to 1.0% and the October figure also was revised down slightly to no change. Excluding autos sales similarly fell [...]
U.S. retail sales fell 0.4% last month and missed expectations for no change. November's gain was revised down slightly to 1.0% and the October figure also was revised down slightly to no change.
Excluding autos sales similarly fell short of expectations for no change and fell 0.4% after slight downward revisions during the prior two months.
Less gasoline & autos, sales fell 0.2% and prior months' results were taken down.
Sales of discretionary items gave back much of their strong November increases. Apparel store sales fell 2.0% (+1.7% y/y) and the prior month was revised down to a 1.6% increase. Furniture, home furnishings & appliance store sales also fell 0.6% (+1.3% y/y) and gave back roughly half of a 1.5% November rise that was taken down slightly. Sales of electronics & appliances fell 1.9% but the prior month's spurt was revised up to 3.3%. Sales at general merchandise stores rose 0.3% (3.8% y/y) and November's gain was unrevised at 0.9%.
Food & beverage store sales which totaled $49.1B rose 0.7% (6.0% y/y). Restaurant & drinking place sales of $38.1B rose 0.2% (2.2% y/y).
During December sales of building materials fell 2.9% (-3.4% y/y). It was the largest decline of four during the last five months.
Sales of nonstore retailers (internet & catalogue) rose 1.0% (12.1% y/y) and the prior month's surge was revised up to 2.1%.
Motor vehicle & parts purchases fell 0.4% (-0.1% y/y). The decline was in line with the 0.4% gain in unit sales of light vehicles last month.
Housing, Credit and Consumer Expenditure from the Federal Reserve Bank of Kansas City can be found here.
| December | November | Y/Y | 2007 | 2006 | 2005 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | -0.4% | 1.0% | 4.1% | 4.1% | 6.2% | 6.6% |
| Excluding Autos | -0.4% | 1.7% | 5.2% | 4.6% | 7.3% | 7.6% |
| Less Gasoline | -0.2% | 0.9% | 3.5% | 4.3 | 7.2% | 6.6% |
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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