Retail sales rose 0.4% in April and the March increase was revised up to 2.1% from 1.6% initially reported. Year-to-year, total retail sales are up 8.8% but remain 3.6% below the pre-recession peak. Food store sales declined 0.5% MoM.
The ISI Group explains the gain in retail sales so far this year:
Over the past 4 months, household employment has increased +2.4% a.r., hours worked are +1.5% and average hourly earnings are +1.3%, producing a +5.3% increases in this income proxy (no transfer payments here).
April saw a 6.9% surge (12.1% y/y) in sales of building materials & garden equipment. Actually, revisions to retail data showed that Building Material store sales have been much stronger than originally reported (the left chart is before revisions up to March).
Department Store Type Merchandise (DSTM) declined 0.2%, the first decline since July 2009. They are up 2.7% year-to-date and 5.0% YoY.
Motor vehicle sales rose 0.5% last month and at a 19.5% rate during the last three. Gasoline service stations sales rose 0.5% but 30.1% YoY.
Internet & catalogue sales rose 0.2% MoM and 12.9% YoY.
Related posts:
- JUNE US RETAIL SALES DOWN 0.5%
- US Retail Sales Decline Not So Bad
- JULY US RETAIL SALES +0.4%.
- US FEBRUARY RETAIL SALES GOOD EX-CARS
- GOOD JANUARY US RETAIL SALES
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