- Retail Trade, Household Consumption (Feb), Population (Feb)
- Mauritius: PPI (Feb-Prelim)
- Business Sentiment Survey (Mar)
- Korea: Building Permits (Feb); Philippines: LFS (Q3); Thailand: PPI (Mar-Press)
- Japan: First Ten Days Trade (Mar), International Trade, Real Trade Indexes (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency
- more updates...
Economy in Brief
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U.S. Consumer Confidence Improves Significantly
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German Federal Debt Levels Fall
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NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
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by Carol Stone, CBE March 15, 2017
Total retail sales and spending at restaurants rose 0.1% (5.7% y/y) in February following a 0.6% increase in January, which was revised up from 0.4%. The February result was in line with the 0.1% increase expected in the Action Economics Forecast Survey.
Sales at motor vehicles & parts dealers decreased again in February, by 0.2% (5.6% y/y), following January's 1.3% decline. This corresponded to a similar February decrease of 0.2% in unit sales of light vehicles. Excluding autos, retail sales rose 0.2% (5.7% y/y) after January's 1.2% gain; this latest result was also in line with the Action Economics consensus forecast. Sales at gasoline service stations fell, along with gasoline prices; sales were down 0.6% (19.6% y/y) as the February CPI for gasoline dropped 3.0%. Those sales had risen 2.1% in January. Retail sales excluding both auto dealers & gas stations were up 0.2% (4.2% y/y) in February following a 1.0% January rise.
In nonauto discretionary spending categories, furniture store sales rose 0.7% (4.9% y/y) after January's 2.4% increase. Several other store groups that had had January gains after a slow December turned slower again or had outright declines in February; electronics & appliance store sales, which had rebounded from a 1.1% fall in December to a 1.1% gain in January, then dropped 2.8% (-6.0% y/y) in February. Clothing store sales fell in February by 0.5% (1.6% y/y) after a January rise of 1.2%. General merchandise store sales were down 0.2% (1.5% y/y) following a 1.5% increase. Sporting goods store sales were off 0.4% (-3.6% y/y) after January's 1.4% rise.
In the non-discretionary spending categories, health & personal care store sales increased 0.7% (7.0% y/y) in January, just a bit slower than January's 0.9% rise. Food & beverage store sales were flat in February (2.2% y/y) after January's 0.4% rise.
Nonstore retailers' sales were up 1.2% (13.0% y/y), following January's 0.5% increase. These include online shopping and mail order outlets; they represent about 10.5% of total retail sales.
Sales at food service & drinking places eased 0.1% in February (3.7% y/y) after January's sizable 1.7% advance.
The retail sales data can be found in Haver's USECON database. The Action Economics forecast expectations are included in the AS1REPNA database.
|Retail Spending (%)||Feb||Jan||Dec||Feb Y/Y||2016||2015||2014|
|Total Retail Sales & Food Services||0.1||0.6||1.0||5.7||3.3||2.3||4.2|
|Non-Auto Less Gasoline||0.2||1.0||0.3||4.2||4.2||4.2||4.6|
|Motor Vehicle & Parts||-0.2||-1.3||3.1||5.6||3.9||6.5||6.5|
|Retail Less Autos||0.2||1.1||0.7||6.0||2.6||0.2||3.3|
|Food Service & Drinking Places Sales||-0.1||1.7||-1.0||3.7||5.9||8.1||6.1|