Global| Apr 13 2006U.S. Retail Sales Rebound
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales rebounded 0.6% last month from a 0.8% decline during February that was revised from the 1.3% drop reported initially. Consensus expectations has been for a for a 0.5% gain. Motor vehicle & parts dealers sales rebounded [...]
US retail sales rebounded 0.6% last month from a 0.8% decline during February that was revised from the 1.3% drop reported initially. Consensus expectations has been for a for a 0.5% gain.
Motor vehicle & parts dealers sales rebounded 1.6% (3.3% y/y) from a 2.8% February decline, initially reported at -4.6%. The rise compared to a slight 0.1% m/m decline in auto sales to 16.59M units.
Nonauto sales increased 0.4% after a 0.3% February decline that was slightly milder than the 0.4% fall in the advance report and was a bit short of Consensus expectations for a 0.5% increase.
Consumer spending on discretionary items was flat during March. General merchandise store sales rose 0.1% (6.4% y/y) after a 0.1% February slip. Apparel store sales registered a negligible decline (+6.6% y/y) after a 1.1% skid one month earlier while sales of furniture, electronics & appliances slipped 0.2% (+7.1% y/y) on the heels of a 2.9% flop during February.
Building material sales were an area of strength last month and posted a 1.2% (17.9% y/y) increase after a downwardly revised 0.4% February increase. The February increase contrasted with the 1.5% jump estimated initially.
Sales at gasoline stations slipped 0.1% (+13.6% y/y) though retail gasoline prices rose 6.3% m/m to $2.43 per gallon.
Nonauto retail sales less gasoline rose 0.4% (8.7% y/y) last month following a 0.1% slip during February.
Sales of nonstore retailers (internet & catalogue) increased 1.6% (14.1% y/y) after a little revised 3.1% jump during February.
Recent Developments in Consumer Credit and Payments from the Federal Reserve Bank of Philadelphia is available here.
| Mar | Feb | Y/Y | 2005 | 2004 | 2003 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 0.6% | -0.8% | 7.9% | 7.2% | 6.2% | 4.2% |
| Excluding Autos | 0.4% | -0.3% | 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.
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