- Japan: **Japan Tokyo employment index rebased to 2015=100**
- Saudi Arabia: Non-Oil Foreign Trade (Feb); Kuwait: CPI (Mar); Tanzania: BOP, Trade, Depository Corporations Survey, Public Finance (Feb)
- Portugal: OMFIs Balance Sheet (Feb)
- Luxembourg: Employment and Unemployment (Mar)
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Economy in Brief
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U.S. Initial Unemployment Insurance Applications Increase
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by Tom Moeller August 12, 2016
Total retail sales & spending at restaurants were virtually unchanged during July (2.3% y/y) following a 0.8% June rise, revised from 0.6%. Consensus expectations had been for 0.4% growth in the Action Economics Forecast Survey.
Auto sales supported total spending with a 1.1% rise (2.4% y/y) following a 0.5% increase. The gain compared to a 6.8% jump in unit vehicle sales. Overall retail sales excluding autos declined 0.3% (+2.2% y/y) after an upwardly revised 0.9% increase. A 0.2% gain had been expected.
Lower gasoline prices held back the rise in total sales as gasoline service station sales fell 2.7% (-11.0% y/y), and reversed a 2.2% rise. A 0.5% decline (+3.5% y/y) in purchases of building materials & garden equipment also damped total spending. Excluding these categories, and autos as well, retail sales eased slightly (+3.3% y/y).
Retail sales also eased minimally last month (+1.9% y/y) after a 0.9% gain. Sales excluding autos declined 0.4% (+1.7% y/y) after 1.0% rise. Nonstore retail outlets posted a 1.3% surge (14.1% y/y) in sales, the same as in June. Furniture & home furnishings store sales gained 0.2% (4.3% y/y) following a 1.5% jump. Electronics & appliance store sales eased, however, by 0.1% (-3.8% y/y). Apparel store sales declined 0.5% (-1.2% y/y) after little change, and general merchandise store sales eased 0.1% (-1.1% y/y) following 0.2% rise. Sporting goods store sales declined 2.2% (+2.1% y/y) and reversed a 1.7% increase. Restaurant & drinking establishment sales fell 0.2% (+5.0% y/y) after a 0.3% gain.
In the non-discretionary spending category, health & personal care sore sales gained 0.1% (7.8% y/y) following a 0.9% jump. Food & beverage store sales declined 0.6% (+1.4 y/y).
The retail sales figures are available in Haver's USECON database. The Action Economics figures are in the AS1REPNA database.
|Retail Spending (%)||Jul||Jun||May||Jul Y/Y||2015||2014||2013|
|Total Retail Sales & Food Services||-0.0||0.8||0.2||2.3||2.3||4.1||3.8|
|Non-Auto Less Gasoline, Building Supplies & Food Services (Control Group)||-0.0||0.5||0.4||3.3||3.3||4.0||2.9|
|Motor Vehicle & Parts||1.1||0.5||-0.3||2.4||6.5||6.4||8.3|
|Retail Less Autos||-0.4||1.0||0.2||1.7||0.2||3.2||2.6|
|Food Service & Drinking Places Sales||-0.2||0.3||0.5||5.0||8.0||6.1||3.7|