Keeping you up to date on the latest data releases.
- Retail Sales
Total retail sales fell for the second consecutive month, slipping down 0.5 percent (nonannualized) in June. Yet the series (which is not adjusted for price changes) is still up 4.8 percent over the past year. Across major components, sales were mixed in June. Relatively large decreases were seen in motor vehicle and parts sales (down 2.3 percent); gasoline stations (down 2.0 percent); sporting goods, hobby, book, and music stores (down 1.4 percent); furniture and home furnishing stores (down 1.1 percent); and building material and supply dealers (down 1.0 percent). On the other hand, sizeable gains were seen in electronics and appliance stores (up 1.3 percent); department stores (up 1.1 percent); and nonstore retailers (up 1.0 percent). “Core” retail sales (sales excluding autos, building supplies, and gas stations), a measure designed to give us a clearer look at the underlying sales trend, inched up 0.2 percent in June. However, this follows a downwardly revised 0.2 percent decline in May and a 0.4 percent decrease in April. Smoothing across time, the three-month annualized growth rate in core retail sales fell into negative territory in June (down 1.5 percent), its first foray below zero since July 2009.