Global| Jun 14 2019U.S. Retail Sales Firm Broadly; Revisions Show Improvement
by:Tom Moeller
|in:Economy in Brief
Summary
Total retail sales increased 0.5% (3.2% y/y) during May following a 0.3% April increase, revised from a 0.2% slip reported initially. A 0.6% gain had been expected in the Action Economics Forecast Survey. Retail sales excluding motor [...]
Total retail sales increased 0.5% (3.2% y/y) during May following a 0.3% April increase, revised from a 0.2% slip reported initially. A 0.6% gain had been expected in the Action Economics Forecast Survey. Retail sales excluding motor vehicles and parts rose 0.5% (3.2% y/y), the same as during April, revised from 0.1%. A 0.4% gain had been expected.
Last month, sales of motor vehicle & parts increased 0.7% (3.1% y/y) after a 0.5% fall during April. This compared to a 6.2% gain in unit sales of motor vehicles during May.
A measure of the underlying pace of retail spending is nonauto sales growth excluding gasoline and building materials. These sales rose 0.5% (3.4% y/y) after a 0.4% rise, revised from unchanged.
Sales strength was broad-based last month. Purchases via the internet surged 1.4% (11.4% y/y), following a 0.5% rise. Purchases at sporting goods, hobby, book and music stores rose 1.1% (-4.2% y/y) and repeated April's strength. Sales of electronics & appliance store also rose 1.1% (-2.4% y/y) and reversed April's 1.3% decline. General merchandise store sales increased 0.7% (3.3% y/y), extending the strength during the prior two months. Elsewhere, goods spending was tepid. Furniture & home furnishings store sales gained 0.1% (0.6% y/y) following a 0.6% rise. Sales of building materials and garden equipment were little changed (0.2% y/y) following a 0.6% decline. Clothing & accessory store sales also held steady (-2.3% y/y) after a 0.2% dip.
Gasoline service station sales improved 0.3% (3.2% y/y) as prices continued to increase.
Sales of nondiscretionary items were mixed last month. Food & beverage store sales slipped 0.1% (+1.6% y/y) after a 0.2% rise. Health & personal care product store sales improved 0.6% (3.4% y/y) following a 0.2% increase.
Restaurant & drinking establishment sales increased 0.7% (3.7% y/y) after a 0.3% rise.
The retail sales data can be found in Haver's USECON database. The Action Economics forecast is in the AS1REPNA database.
| Retail Spending (% chg) | May | Apr | Mar | May Y/Y | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Total Retail Sales & Food Services | 0.5 | 0.3 | 1.8 | 3.2 | 4.9 | 4.7 | 2.9 |
| Excluding Autos | 0.5 | 0.5 | 1.4 | 3.2 | 5.5 | 4.7 | 2.5 |
| Retail Sales | 0.5 | 0.3 | 1.9 | 3.1 | 4.7 | 5.0 | 2.5 |
| Motor Vehicle & Parts | 0.7 | -0.5 | 3.2 | 3.1 | 2.7 | 4.9 | 4.3 |
| Retail Less Autos | 0.5 | 0.5 | 1.5 | 3.1 | 5.4 | 5.0 | 2.0 |
| Gasoline Stations | 0.3 | 2.1 | 3.6 | 3.2 | 12.9 | 9.4 | -5.8 |
| Food Service & Drinking Places Sales | 0.7 | 0.3 | 0.9 | 3s.7 | 6.1 | 3.1 | 5.2 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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