- 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
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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 January 13, 2017
Total retail sales & spending at restaurants increased 0.6% (4.4% y/y) during December following a 0.2% November rise, revised from 0.1%. October's increase also was revised higher to 0.7% from 0.6%. A 0.7% increase had been expected in the Action Economics Forecast Survey. During Q4'16, retail sales grew at a 6.8% annual rate, the quickest rise since Q2'14.
A 2.4% rise (7.4% y/y) in purchases of motor vehicles & parts followed a 0.2% decline in November. The gain compared to a 3.1% increase in unit sales of light vehicles. Excluding autos, retail sales increased 0.2% (3.8% y/y) following a 0.3% rise. A 0.5% increase had been expected. Sales at gasoline service stations also lifted retail spending last month. The 2.0% increase raised sales 7.4% y/y, but that followed little-change in November. Retail sales excluding both autos & gasoline remained steady (3.5% y/y) following a 0.3% rise.
In other discretionary spending categories, furniture store sales increased 0.5% (3.9% y/y) following no change, but electronics & appliance store sales fell 0.5% (-2.4% y/y) after a 0.1% rise. Clothing store sales remained steady (3.3% y/y) for a second straight month, while general merchandise store sales also declined 0.5% (-1.7% y/y) following a 0.1% uptick. Sporting goods store sales increased 0.2% (-3.1% y/y) following declines in four of the prior five months.
In the non-discretionary spending categories, health & personal care store sales increased 0.3% (5.3 y/y), the same as during the month prior. Food & beverage store sales declined 0.3% (+3.9% y/y) following no change.
Sales at food service & drinking places declined 0.8% (+5.1% y/y) after a 1.2% jump.
The retail sales data can be found in Haver's USECON database.
|Retail Spending (%)||Dec||Nov||Oct||Dec Y/Y||2016||2015||2014|
|Total Retail Sales & Food Services||0.6||0.2||0.7||4.4||3.3||2.3||4.2|
|Non-Auto Less Gasoline||0.0||0.3||0.4||3.5||4.2||4.2||4.6|
|Motor Vehicle & Parts||2.4||-0.2||0.8||7.4||3.8||6.5||6.5|
|Retail Less Autos||0.3||0.1||0.8||3.6||2.6||0.2||3.3|
|Food Service & Drinking Places Sales||-0.8||1.2||-0.4||5.1||6.0||8.1||6.1|