Global| Nov 14 2014U.S. Retail Sales Recover as Internet Sales Jump
by:Tom Moeller
|in:Economy in Brief
Summary
Consumer spending regained buoyancy last month. Overall retail sales, including food services, improved 0.3% during October (4.1% y/y) following an unrevised 0.3% September decline. A 0.2% rise had been expected in the Action [...]
Consumer spending regained buoyancy last month. Overall retail sales, including food services, improved 0.3% during October (4.1% y/y) following an unrevised 0.3% September decline. A 0.2% rise had been expected in the Action Economics Forecast Survey. Sales rebounded as motor vehicle purchases improved 0.5% (7.6% y/y) following a 1.2% decline. Sales excluding autos recovered 0.3% (3.3% y/y) after having been roughly unchanged, reported last month as a 0.2% drop. A 0.2% rise had been expected.
Sales of nonstore retailers led last month's recovery with a 1.9% surge (9.1% y/y) following a 0.3% rise. Sales at sporting goods, hobby, books & music stores followed with a 1.2% jump (1.7% y/y) preceded by a 0.5% increase. Food service & drinking establishments sales improved 0.9% (6.8% y/y) after two months of 0.7% increase. Apparel store sales gained 0.5% (0.4% y/y) and made up a portion of a 1.5% tumble while building material sales rose 0.4% (6.4% y/y) following a 0.6% drop. Furniture and home furnishings gained 0.2% last month (1.4% y/y) after no change. Electronics & appliance store sales, however, fell 1.6% (+1.6% y/y) following a 4.7% rise. General merchandise store sales were unchanged (2.0% y/y) after a 0.2% slip. Lower prices dragged down sales at gasoline service stations by 1.5% (-4.0% y/y), off for the fifth straight month.
In the nondiscretionary spending categories, sales at health & personal care stores gained 0.7% (6.6% y/y) following three months of near 0.4% increase. Food & beverage stores gained 0.2% (3.3% y/y) after two months of roughly 0.5% improvement.
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending (%) | Oct | Sep | Aug | Oct Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.3 | -0.3 | 0.6 | 4.1 | 4.2 | 5.1 | 7.5 |
| Excluding Autos | 0.3 | -0.0 | 0.3 | 3.3 | 3.0 | 4.2 | 6.9 |
| Non-Auto Less Gasoline & Building Supplies | 0.6 | 0.1 | 0.6 | 4.1 | 3.2 | 4.0 | 5.4 |
| Retail Sales | 0.3 | -0.4 | 0.6 | 3.8 | 4.3 | 5.0 | 7.6 |
| Motor Vehicle & Parts | 0.5 | -1.2 | 1.8 | 7.6 | 9.3 | 9.1 | 9.9 |
| Retail Less Autos | 0.2 | -0.1 | 0.2 | 2.8 | 3.0 | 4.0 | 7.1 |
| Gasoline Stations | -1.5 | -0.8 | -1.5 | -4.0 | -0.4 | 4.2 | 18.3 |
| Food Service & Drinking Places Sales | 0.9 | 0.7 | 0.7 | 6.8 | 3.0 | 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.
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