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Consumers who have been missing in action recently appear to have pepped up in April. Retail sales rose a sharp 1.3% m/m vs. expectations of +0.9% m/m—the fastest since February of 2014. Solid gains were made in gasoline sales which rose 2.2% after 3.1% in March (gas prices are rising rapidly). Auto sales rebounded 3.2% from last month’s loss. After stripping out autos and gasoline, retail sales gained 0.6% to a 4.4% y/y rate, the same as the long term average. Core retail sales which go into the GDP calculation gained a solid 0.9% to 3.6% y/y, finally offering a boost to the Q2 outlook.
In the meantime major retailers such as Kohls, Macy’s and Nordstrom among others, all reported disappointing performances in the most recent quarter. Part of this performance may have been due to a weak consumer, but much of it can be explained by the shift to on-line retailing. Indeed in the past 12 months, department store sales have risen only 1.4%, but online retailers (still only 10% of all retail sales) gained a blistering 7.3%. Clearly the data show the emerging strength of on-line retailing and highlight the risks of brick and mortar establishments.
In concert with an actual increase in spending, consumers apparently felt good about it too. The U. Mich Consumer Sentiment survey leapt from 89 last month to a preliminary reading of 95.8 in May.
Finally, producer price inflation remains tepid despite the recent increase in energy prices, growing only 0.1% y/y, and after stripping out volatile food and energy prices growing only 0.9% y/y.
sales engineer Economic News: Dan North, Euler Hermes North America, Talks about Recent Retail Data | |
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| News & Politics | Upload TimePublished on 13 May 2016 |
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