Global| Apr 16 2012U.S. Retail Sales Show Broad-based Gains
by:Tom Moeller
|in:Economy in Brief
Summary
Consumers were in a mood to spend last month, on most everything. Retail sales increased 0.8% (6.5% y/y) during March following little- revised gains of 1.0% and 0.7% during the prior two months. The gain exceeded Consensus [...]
Consumers were in a mood to spend last month, on most everything. Retail sales increased 0.8% (6.5% y/y) during March following little- revised gains of 1.0% and 0.7% during the prior two months. The gain exceeded Consensus expectations for a 0.4% rise according to Action Economics. The latest increase pulled three-month growth in spending to 10.4% (AR), the strongest in a year. Higher prices lifted sales at gasoline service stations by 1.1% (7.6% y/y). Outlays on motor vehicles also were strong and they increased 0.9% (8.3% y/y). Excluding both gasoline and autos, retail sales rose 0.8% last month (5.7% y/y) after a 0.5% February rise. Their three-month growth rate of 9.9% (AR) was the strongest in nearly two years.
Elsewhere, sales were broadly strong and led by a 3.0% gain (14.1% y/y) in building materials purchases. Furniture store sales increased 1.1% (6.6% y/y) and electronics stores showed a 1.0% (-3.1% y/y) rise. Clothing store sales gained 0.9% (7.9% y/y) and sales at general merchandise stores increased 0.7% (3.7% y/y). Sales by nonstore retailers also were firm and rose 0.7% (9.3% y/y). Food & beverages store sales rose a lesser 0.4% (3.5% y/y) while food service and drinking place sales increased 0.3% (6.3% y/y).
The retail sales figure are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending (%) | Mar | Feb | Jan | Mar Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.8 | 1.0 | 0.7 | 6.5 | 7.7 | 6.4 | -7.0 |
| Excluding Autos | 0.8 | 0.9 | 1.2 | 6.1 | 7.2 | 5.7 | -5.5 |
| Retail Sales | 0.8 | 1.1 | 0.7 | 6.5 | 7.9 | 6.8 | -7.8 |
| Motor Vehicle & Parts | 0.9 | 1.3 | -1.6 | 8.3 | 10.1 | 9.8 | -13.7 |
| Retail excluding Autos | 0.8 | 1.0 | 1.2 | 6.0 | 7.4 | 6.1 | -6.3 |
| Gasoline Stations | 1.1 | 3.6 | 2.0 | 7.6 | 17.4 | 17.0 | -22.2 |
| Non-Auto Less Gasoline | 0.8 | 0.5 | 1.1 | 5.7 | 5.7 | 4.5 | -3.3 |
| Food Service | 0.3 | 0.5 | 1.1 | 6.3 | 5.9 | 2.6 | -0.5 |
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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