Global| Feb 13 2013U.S. Retail Sales Tick Higher
by:Tom Moeller
|in:Economy in Brief
Summary
Growth in consumer spending throttled back last month following a firm ending to last year. January retail sales ticked up a minimal 0.1% following an unrevised 0.5% December increase. November's increase was raised to 0.5% from 0.4%. [...]
Growth in consumer spending throttled back last month following a firm ending to last year. January retail sales ticked up a minimal 0.1% following an unrevised 0.5% December increase. November's increase was raised to 0.5% from 0.4%. The latest uptick matched expectations, according to Action Economics. Retail sales excluding autos rose 0.2% after an unrevised 0.3% December gain. A 0.1% rise was expected.
On the firmer side were sales at general merchandise stores which increased 1.1% (-1.0% y/y), although that followed four consecutive months of decline. Sales at nonstore retailers gained 0.9% (15.7% y/y), the third consecutive month of strong increase. Gasoline service station sales rose 0.2% (0.8% y/y). Also rising were electronics and appliance store sales, up 0.2% (1.3% y/y). Finally, sales of building materials gained 0.3% (2.0% y/y) for the second consecutive month. To the weak side, prior strength in motor vehicle purchases evaporated last month and they fell 0.1% (+8.0% y/y). That followed strong increases in four of the prior five months. Sales of furniture & home furnishings were similarly weak and they fell 0.2% (+3.2% y/y). Apparel store sales fell 0.3% (+4.4% y/y). Food & beverage store sales slipped marginally (+2.8% y/y ) and restaurant & food service sales also were down a bit (+6.5% y/y).
The retail sales figure are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
| Retail Spending (%) | Jan | Dec | Nov | Jan Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.1 | 0.5 | 0.5 | 4.4 | 5.0 | 8.0 | 5.5 |
| Excluding Autos | 0.2 | 0.3 | 0.0 | 3.6 | 4.5 | 7.4 | 4.5 |
| Retail Sales | 0.1 | 0.4 | 0.4 | 4.1 | 4.8 | 8.3 | 5.8 |
| Motor Vehicle & Parts | -0.1 | 1.2 | 2.7 | 8.0 | 7.6 | 10.8 | 10.8 |
| Retail excluding Autos | 0.2 | 0.2 | -0.2 | 3.1 | 4.1 | 7.6 | 4.7 |
| Gasoline Stations | 0.2 | -1.7 | -4.5 | 0.8 | 3.7 | 17.8 | 14.7 |
| Non-Auto Less Gasoline | 0.2 | 0.5 | 0.7 | 3.6 | 4.1 | 5.9 | 3.2 |
| Food Service Sales | -0.0 | 1.4 | 1.2 | 6.5 | 7.1 | 5.9 | 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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