Global| May 13 2014U.S. Retail Sales Momentum is Lost
by:Tom Moeller
|in:Economy in Brief
Summary
Retail and food service sales ticked 0.1% higher last month following a 1.5% March increase, revised from 1.1%. A 0.4% increase had been expected in the Action Economics Forecast Survey. Sales of motor vehicles & parts increased 0.6% [...]
Retail and food service sales ticked 0.1% higher last month following a 1.5% March increase, revised from 1.1%. A 0.4% increase had been expected in the Action Economics Forecast Survey. Sales of motor vehicles & parts increased 0.6% (9.8% y/y) in April following outsized gains of 3.6% and 2.6% during the prior two months. Nonauto sales were unchanged (2.7% y/y) after an upwardly revised 1.0% gain. A 0.6% increase had been expected. Benchmark revisions posted earlier altered sales back to 2008.
In the discretionary spending categories, apparel store sales increased 1.2% (1.1% y/y) after a 1.1% rise. Sales at building materials & garden equipment stores gained 0.4% (2.2% y/y) after a 1.0% advance and general merchandise store sales were up 0.2% (2.8% y/y) following a 2.0% surge. On the weak side were sales of electronics & appliance stores which fell 2.3% (-1.5% y/y), reversing the March increase. Nonstore retailers sales declined 0.9% (+6.5% y/y) countering two months of strong increase and furniture store sales were off 0.6% (+3.5% y/y) after a 1.7% advance. Restaurant sales fell 0.9% (+3.0% y/y) after strong gains in the prior two months.
In the nondiscretionary spending categories, sales at food & beverage stores rose 0.3% (3.5% y/y) following a negligible March gain. Sales at health & personal care stores increased 0.6% (5.8% y/y) after similar increases during the prior two months. Gasoline service station sales increased 0.8% (-0.2% y/y) following two months of decline.
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending (%) | Apr | Mar | Feb | Apr Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.1 | 1.5 | 0.9 | 3.8 | 4.2 | 5.1 | 7.5 |
| Excluding Autos | 0.0 | 1.0 | 0.4 | 2.7 | 3.0 | 4.2 | 6.9 |
| Non-Auto Less Gasoline & Building Supplies | 0.0 | 1.0 | 0.4 | 2.7 | 3.0 | 4.2 | 6.9 |
| Retail Sales | 0.2 | 1.5 | 0.9 | 4.2 | 4.3 | 5.0 | 7.6 |
| Motor Vehicle & Parts | 0.6 | 3.6 | 2.6 | 9.8 | 9.4 | 9.1 | 9.9 |
| Retail Less Autos | 0.1 | 0.9 | 0.4 | 2.6 | 3.0 | 4.0 | 7.1 |
| Gasoline Stations | 0.8 | -1.0 | -0.2 | -0.2 | -0.4 | 4.2 | 18.3 |
| Food Service & Drinking Places Sales | -0.9 | 1.9 | 0.8 | 3.0 | 3.1 | 5.9 | 6.0 |
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.
