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Free AccessREPEAT:MNI DATA ANALYSIS: US June Ret Sales +0.5%,Ex-MV +0.4%>
Repeats Story Initially Transmitted at 12:30 GMT Jul 16
--June Retail Sales Ex. Auto, Gas, Bldg Mat, Food Service Flat
By Kevin Kastner and Harrison Clarke
WASHINGTON (MNI) - The value of retail sales rose by 0.5% in June
overall and 0.4% excluding motor vehicle sales, with the headline number
slightly below expectations, but following a sharp upward revision to
sales in May, data released by the Commerce Department Monday showed.
Analysts have recently had a strong tendency to overestimate sales,
so today's data maintain that trend. The miss was even lower when
compared to the 0.8% gain markets had expected.
--MOTOR VEHICLES SOLID
Leading the gain in headline retail sales was a rise in motor
vehicles, which posted a 0.9% increase after a 0.8% gain in the previous
month. Analysts had correctly expected vehicle sales add to the headline
number.
Gasoline station sales rose by 1.0% in June after a 3.0% May
gain, as foreshadowed by recent increases in the AAA data.
Food services and drinking places' sales were higher in June,
registering a 1.5% increase after rising by 2.6% in May. Building
materials sales rose by 0.8% following a 2.5% increase in May.
Retail sales excluding autos, gasoline, and building materials
rose by 0.2% in June. Further, excluding food services as well as the
other three measures, retail sales were flat, a breather after recent
strong gains.
Other sales categories were mixed, with sales gains at furniture
stores, health and personal care stores, and at nonstore retailers
offsetting a sharp decline in clothing store sales, as well as declines
at electronics, department stores, and sporting goods/hobby stores.
--2Q CONSUMPTION UP SHARPLY
Incorporating an upward revision to April sales, an upward
revision to May sales, and today's data for June, second quarter retail
sales are up 7.9% at an annual rate from the first quarter average.
Sales excluding motor vehicles were up 7.7% at an annual rate from
the previous quarter, while sales excluding autos, building materials,
and gas were up 7.5%. Even when food services were also excluded, second
quarter sales were still up 6.5% at an annual rate from the first
quarter, pointing to underlying strength outside the volatile
categories. The result should be a very good showing for second quarter
PCE when it is released on July 27.
** MNI Washington Bureau: 202-371-2121 **
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.