Global| Sep 14 2004U.S. Retail Spending Lackluster
by:Tom Moeller
|in:Economy in Brief
Summary
Retail sales fell 0.3% last month, about as expected, following a 0.8% gain in July that was little revised. Excluding motor vehicles & parts dealers sales rose 0.2% after a little revised 0.3% gain in July. Consensus expectations had [...]
Retail sales fell 0.3% last month, about as expected, following a 0.8% gain in July that was little revised.
Excluding motor vehicles & parts dealers sales rose 0.2% after a little revised 0.3% gain in July. Consensus expectations had been for a 0.2% increase.
A lackluster tone to retail spending last month was emphasized by declines in discretionary spending. Clothing and accessory store sales fell 1.4% (+2.4% y/y), the fourth weak month in the last five.Sales at general merchandise stores slipped 0.4% (+3.8% y/y) after a downwardly revised 0.8% gain in July. Sales of furniture/home furnishings & electronics/appliances fell 0.4% (+5.9% y/y) although that followed upwardly revised gains of 1.2% and 1.8% in July and June.
Sales at gasoline service stations rose 0.3% (15.8% y/y) even though gasoline prices dropped 1.7% m/m in August0. So far in September gasoline prices are down another 1.6% to an average $1.85/gal.
| Aug | July | Y/Y | 2003 | 2002 | 2001 | |
|---|---|---|---|---|---|---|
| Retail Sales & Food Services | -0.3% | 0.8% | 4.9% | 5.4% | 2.5% | 3.1% |
| Excluding Autos | 0.2% | 0.3% | 7.0% | 5.2% | 3.2% | 3.1% |
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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