Global| Jun 13 2013U.S. Retail Sales Post a Surprisingly Firm Gain
by:Tom Moeller
|in:Economy in Brief
Summary
The consumer remains in a spending mood. Retail sales during May rose 0.6% (4.3% y/y) following an unrevised 0.1% April uptick. The latest figure beat consensus expectations for a 0.4% gain, according to Action Economics. Retail sales [...]
The consumer remains in a spending mood. Retail sales during May rose 0.6% (4.3% y/y) following an unrevised 0.1% April uptick. The latest figure beat consensus expectations for a 0.4% gain, according to Action Economics. Retail sales excluding autos increased an expected 0.3% (3.4% y/y) after no change in April.
Sales of motor vehicles & parts increased 1.8% (7.7% y/y as unit motor vehicle sales, reported earlier this month, rose 2.6% (9.7% y/y). Building material sales also gained a firm 0.9% (10.1% y/y) on the heels of April's 3.6% surge. Gasoline service station sales slipped 0.2% (-1.6% y/y). Spending outside of these three areas is used in calculating gross domestic product, and sales increased 0.3% (3.5% y/y) last month after a 0.2% April rise.
Firmer general merchandise store purchases led last month's rise with a 0.5% (1.1% y/y) increase. That followed a 0.3% April slip. The gain was offset by widespread declines elsewhere. Furniture store sales fell 0.8% (-0.5% y/y) after a 0.2% April slip. Sales at electronics & appliance stores dipped 0.4% (-0.5% y/y) following a 1.6% jump. Apparel store sales slipped 0.2% (+3.8% y/y) after a 1.0% jump. Finally, food service and drinking place sales fell 0.4% (+4.4% y/y). Working the other way, sales of nonstore retailers gained 0.7% (11.3% y/y) after a 0.6% April rise.
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending (%) | May | Apr | Mar | May Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.6 | 0.1 | -0.3 | 4.3 | 5.3 | 7.5 | 5.5 |
| Excluding Autos | 0.3 | 0.0 | -0.3 | 3.4 | 4.8 | 7.0 | 4.5 |
| Non-Auto Less Gasoline & Building Supplies | 0.3 | 0.2 | 0.2 | 3.5 | 4.8 | 5.5 | 3.5 |
| Retail Sales | 0.7 | 0.0 | -0.4 | 4.3 | 5.1 | 7.7 | 5.8 |
| Motor Vehicle & Parts | 1.8 | 0.7 | -0.4 | 8.5 | 7.6 | 10.1 | 10.6 |
| Retail Less Autos | 0.4 | -0.1 | -0.4 | 3.2 | 4.4 | 7.1 | 4.6 |
| Gasoline Stations | -0.2 | -3.1 | -3.1 | -1.6 | 4.0 | 18.4 | 14.6 |
| Food Service & Drinking Places Sales | -0.4 | 1.1 | 0.9 | 4.4 | 7.1 | 6.0 | 3.2 |
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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