- US: GDP & Corporate Profits (Q4, 3rd release)
- Canada: Industrial Products & Raw Material Prices (Feb)
- Spain: Flash HICP and CPI, Construction Business Survey Press (Mar)
- Euro area: EC Business and Consumer Surveys (Mar)
- Belize: GDP (Q4)
- Chile: IP (Feb); Brazil: Retail Trade - Rebased 2014=100 (Jan)
- Croatia: Employment, Retail Trade Press (Feb), Earnings (Jan); Bulgaria: PPI (Feb); Montenegro: Wages (Feb); Latvia: Retail Trade (Jan); Lithuania: External Debt Service (Q4);
- more updates...
Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
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|