- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey Press Release (Mar)
- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
- Vietnam: GDP (Q1), CPI, IP, International Trade, Passenger & Cargo Traffic Statistics, Manufacturing Sales and Inventories, International Visitor Arrivals (Mar); Korea: Economic Sentiment
- more updates...
Economy in Brief
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...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller April 13, 2016
Consumers continue to spend cautiously. Total retail sales & spending at food services declined 0.3% (+1.7% y/y) during March following no change in February, last month reported as a 0.1% dip. The decline in sales compared to expectations for a 0.1% improvement in the Action Economics Forecast Survey.
Fewer motor vehicle purchases accounted for much of the weakness in total spending last month. The 2.1% sales decline (+1.4% y/y) was the fourth straight month of zero or no change m/m. It compares to a 5.5% decline (-3.3% y/y) in unit motor vehicle sales reported earlier this month. Excluding the decline in auto purchases, retail spending improved 0.2% (1.8% y/y) following two months of unchanged or declining sales. A 0.4% rise had been expected.
Retail sales alone eased 0.2% (+1.3% y/y), about as they did during the prior two months. Purchases other than autos improved, however, by 0.4% (1.2% y/y) after declining in the prior two months. Spending on building materials jumped 1.4% (10.8% y/y) for the second straight month. General merchandise store sales increased 0.5% (1.2% y/y), also following two months of decline. Sales at furniture & home furnishing stores improved 0.3% (3.4% y/y) after a 0.2% drop. Sporting goods, hobby shop, book & music store sales gained 0.2% (6.1% y/y) following little change over the prior two months. Purchases at electronic & appliance stores edged 0.1% higher (-2.1% y/y) for the third straight month. To the downside were apparel store sales which fell 0.9% (+0.1% y/y) after a 0.3% rise. Food service and drinking place sales declined 0.8% (+5.5% y/y) after a 1.8% jump. Sales at nonstore retailers eased 0.1% (+6.5% y/y) after a 0.1% gain.
In the non-discretionary sales components, food & beverage store sales remained unchanged (1.2% y/y) for a second month. Showing strength were sales at health & personal care stores which jumped 1.0% (6.3% y/y) after a 1.9% surge.
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
The Fed's latest Beige Book covering regional economic conditions can be found here.
|Retail Spending (%)||Mar||Feb||Jan||Mar Y/Y||2015||2014||2013|
|Total Retail Sales & Food Services||-0.3||0.0||-0.4||1.7||2.2||3.9||3.7|
|Non-Auto Less Gasoline, Building Supplies & Food Services||0.1||0.1||0.3||2.7||3.0||3.3||2.7|
|Motor Vehicle & Parts||-2.1||0.0||-0.5||1.4||7.0||7.5||8.3|
|Retail Less Autos||0.4||-0.3||-0.2||1.2||-0.2||2.6||2.6|
|Food Service & Drinking Places Sales||-0.8||1.8||-1.0||5.5||8.1||6.2||3.4|