Retail Sales in June unexpectedly fell across the board, .5% m/o/m headline, 4% ex auto’s, .2% ex auto’s and gasoline and .1% at the core (ex auto’s, gasoline and building materials). Individually, auto’s/parts sales fell .6%, furniture and electronics down by .8%, building materials lower by 1.6%, health/personal care by .7%, sporting goods by 1.6%, restaurant/bars by .2% and department stores weaker by .7%. Sales gains were seen in the secular strength of online retailing but also with clothing and food/beverages. Bottom line, headline retail sales are now down 3 months in a row, due maybe to some give back after the mild winter but also coincides with lackluster job growth. Of note too, the July NY mfr’g survey (the 1st July # out) rose to 7.4 from 2.3 and was above estimates of 4.0. New Orders though went negative for the 1st time since Nov ’11 and Backlogs fell 8 pts to -13.6. Employment was a positive as it rose 6 pts but after falling 8 in June. The Avg Workweek went to zero from +3.1. Prices Paid fell to the lowest since June ’09 but Prices Received was marginally higher. The overall 6 month outlook fell 3 pts to 20.2, the slowest since Oct ’11. Bottom line, while the headline figure rose, the components were very mixed. Philly mfr’g is out on Thurs.
June retail sales down, NY mfr’g ticks up
July 16, 2012 8:57am by
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