Global| Jan 13 2004U.S. Retail Spending Boosted By Vehicle Sales
by:Tom Moeller
|in:Economy in Brief
Summary
US retail sales surged 1.2% in December on the strength of a 4.3% (8.9% y/y) jump in spending on motor vehicles. Consensus expectations had been for a 1.0% gain following the 0.1% rise in November sales which was unrevised. Sales [...]
US retail sales surged 1.2% in December on the strength of a 4.3% (8.9% y/y) jump in spending on motor vehicles. Consensus expectations had been for a 1.0% gain following the 0.1% rise in November sales which was unrevised.
Sales excluding motor vehicles rose 0.3% but the 0.4% gain in November sales was slightly lower than initially reported. Consensus expectations had been for a 0.4% increase.
Lower prices for gasoline dropped sales at gasoline service stations 2.0% (+21.8% y/y). Nonauto retail sales less gasoline jumped 0.6% (7.2% y/y). After a 7.0% decline in December, gasoline prices are 3.0% lower in January.
Gains in discretionary spending centered on a 1.0% (4.9%) rise in sales of furniture/home furnishings & electronics/appliances that was driven by a 2.2% (6.4% y/y) jump in spending on furniture. Sales at general merchandise stores also rose a firm 0.7% (7.0% y/y). Clothing & accessory store sales slipped for the second month, by 0.6% (3.3% y/y) following a revised 0.8% decline in November that was much deeper than initially estimated.
Building materials, garden equipment & supply dealers' sales jumped 1.2% (13.2% y/y).
| Dec | Nov | Y/Y | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | 1.2% | 0.1% | 8.7% | 7.6% | 5.3% | 2.5% |
| Excluding Autos | 0.3% | 0.4% | 8.6% | 8.5% | 5.2% | 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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