Last week, I mentioned Retail Sales ex-Auto and Gasoline were pretty poor.
Looks like the Atlanta Fed is now also reporting what they Core Retail Sales — ex autos, energy and construction.
They noted: June retail sales increased 0.7% from May, slightly higher than analysts’ expectations of 0.4%. However, retail sales excluding autos increased below an expected 0.5% gain to 0.3% in June (See chart).
·Total retail sales exceeded market expectations in June. This was the second consecutive monthly increase, but sales are still down 9.0% from a year earlier.
· On a year-over-year basis, the decline in retail sales excluding autos continued to accelerate, falling to -7.9%.
· Consumers continue to be very conservative in their spending, as demonstrated by May’s personal savings rate, which climbed to 6.9%, the highest rate in almost 16 years.
Although retail sales posted a gain in June, gasoline stations were responsible for more than half of the increase. The auto and gasoline stations sales increase was likely the result of rising prices. (See chart).
Source: U.S. Census Bureau
Economic Highlights—July 15, 2009