Monday, July 15, 2013

Quick View: June Retail Sales Miss Estimates

Retail sales in the U.S. rose less than expected in June as weakness in building materials and restaurant receipts offsets strong sales of autos, furniture and the continued strength of e-commerce.

The U.S. Department of Commerce reported that Advance Estimates of U.S. Retail and Food Services sales for June increased 0.4% (vs. an estimate of +0.8%) from the prior month to a seasonally adjusted $422.8 billion, while sales rose 5.7% compared to the year-ago period. Year-over-year, this was the 44th straight monthly rise and the strongest gain since last March.

Total sales excluding autos were up 4.5% compared to last June and were flat from the prior month, while total sales less autos and gas stations showed a 4.5% year-on-year increase, but fell 0.1% from May.

8 of 13 sectors posted growth over the prior month, led by Motor Vehicle & Parts Dealers (+1.8% MoM / +11.4% YoY), Furniture & Home Furnishings Stores (+2.4% MoM / +4.6% YoY), Clothing & Accessories Stores (0.7% MoM / +4.8% YoY) and Non-Store Retailers (+2.1% MoM / +13.8% YoY).

However, weakness was apparent at Building Material and Garden Equipment & Supplies Dealers (-2.2% MoM / +9.4% YoY), which fell by the most since last May, and Food Services & Drinking Places (-1.2% MoM / +3.1% YoY), which posted the biggest month-over month drop in more than 5 years. 

Electronics & Appliance Stores (-0.1% MoM / -0.3% YoY) and Department Stores (-1.0% MoM / -5.1% YoY) continue to be the biggest laggards and are the only 2 sectors showing a year-to-date decline from 2012.


No comments:

Post a Comment