- **Selected Poland CPI series delayed by CSO due to new weights**
- Spain: **SPAIN HICP rebased to 2015=100**
- US: Survey of Professional Forecasters (Q1)
- US: MTIS (Dec), Consumer Sentiment (Feb-prelim), Adv Retail Sales, Import/Export Prices (Jan), PPI Revisions
- Consumer Sentiment Detail (Feb-prelim)
- US: Import Export Prices Detail (Jan)
- Greece: Flash GDP (Q4); Portugal: Flash GDP (Q4); Cyprus: Flash GDP (Q4)
- more updates...
Economy in Brief
U.S. Import and Export Prices Decline Steadily
Import prices declined 1.1% during January (-6.2% y/y), the same as in December...
U.S. Business Inventories Edge Up While Sales Slip in December
Total business inventories edged up 0.1% m/m (1.7% y/y) in December...
European GDP Is Mostly Steady But Weakened by Industrial Output
European GDP decelerated slightly over four quarters while annualized GDP also slipped quarter to quarter...
FIBER: Industrial Commodity Prices Improve
Despite continued weakness in factory sector output around the world during January, industrial commodity prices showed scattered improvement...
U.S. Initial Claims for Unemployment Insurance Decline to Seven-Week Low
Initial unemployment insurance claims retreated to 269,000 during the week ended February 6...
Dutch Retail Sales Continue Their Rebound But Trends Soften
Dutch retail sales have had a rocky time since 2007...
by Tom Moeller February 12, 2016
The consumer reaped the benefit from lower gasoline prices last month and ramped up spending elsewhere. Retail sales gained 0.2% during January (3.4% y/y) following a 0.2% December rise, revised from -0.1%. A 0.1% uptick had been expected in the Action Economics Forecast Survey.
Motor vehicle sales increased 0.6% (6.9% y/y), about the same as during the prior two months. The rise reflected a 1.4% increase in unit motor vehicle purchases. Retail sales excluding autos edged 0.1% higher (2.5% y/y), the same as in December. No change had been expected. Lower prices prompted a 3.1% decline (-8.1% y/y) in sales at gasoline service stations. Dining out also was less in vogue as restaurant sales fell 0.5% (+6.1% y/y). Finally, warm weather prompted a 0.6% increase (5.0% y/y) in building materials. Retail spending excluding these categories increased 0.6% (3.1% y/y). It recouped a 0.3% December decline and served as the largest increase since May.
Sales at nonstore retailers led the improvement with a 1.6% rise (8.7% y/y) after a 0.1% dip. These sales account for 10.6% of the total, up from 7.4% ten years ago. General merchandise store sales posted a 0.8% increase (0.9% y/y) following a 0.9% shortfall. Clothing & accessory store sales gained 0.2% (2.2% y/y) after a 0.1% dip. Electronics & appliance store sales improved 0.1% (-4.2% y/y) following three months of sharp decline. To the downside by 2.1% (+9.1% y/y) were sporting goods, hobby, book & music store sales after a 1.9% rise. Furniture & home furnishing store sales also were off 0.5% (+4.0% y/y) after a 0.7% gain.
Food & beverage store sales increased 0.5% (2.0% y/y) following a 0.3% easing. Health & personal care store sales were little changed (3.5% y/y) for the second straight month.
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
The Household Debt and Credit Report is the topic of today's comments by William C. Dudley, President & CEO, Federal Reserve Bank of New York, and they can be found here.
|Retail Spending (%)||Jan||Dec||Nov||Jan Y/Y||2015||2014||2013|
|Total Retail Sales & Food Services||0.2||0.2||0.3||3.4||2.1||3.9||3.7|
|Non-Auto Less Gasoline, Building Supplies & Food Services||0.6||-0.3||0.5||3.1||3.0||3.3||2.7|
|Motor Vehicle & Parts||0.6||0.5||0.6||6.9||7.0||7.5||8.3|
|Retail Less Autos||0.2||-0.1||0.2||1.9||-0.2||2.6||2.6|
|Food Service & Drinking Places Sales||-0.5||1.3||0.7||6.1||8.1||6.2||3.4|