US retail sales decline 0.2%
Source: Agencies |
June 15, 2011, Wednesday
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Print Edition
Print Edition
US retail sales fell in May for the first time in 11 months as receipts at auto dealerships dropped sharply, but the decline was less than expected, offering hope of a pick-up in economic activity.
Total retail sales slipped 0.2 percent, the Commerce Department said yesterday, after a 0.3 percent rise in April.
Economists had expected retail sales to fall 0.4 percent.
A separate report from the Labor Department showed producer prices rose 0.2 percent, braking sharply from April's 0.8 percent increase.
"The consumer isn't dead. It's good news for the day, and further evidence that while perhaps not robust, the recovery is bumping along in fits and starts," said Michael Farr, president of Farr, Miller & Washington in Washington.
The economy started the year on a soft note beset by bad weather and rising oil prices, and a raft of surprisingly weak data recently has shown the lull in activity extending well into the second quarter.
A report earlier this month showed US employers added a scant 54,000 workers to their payrolls in May.
Economists pin much of the weakness on high gasoline prices and supply chain disruptions from the earthquake and tsunami in Japan and say a new recession is unlikely.
Instead, they look for activity to pick up in the second half of the year as gasoline prices moderate and the situation in Japan improves, although sovereign debt problems in Europe remain a wild card.
That view was bolstered by the slowdown in wholesale prices, with core producer prices rising 0.2 percent last month after increasing 0.3 percent in April.
Retail sales last month were hit by a 2.9 percent drop in sales of motor vehicles, the largest decline since February 2010, as a shortage of parts following the earthquake in Japan left inventories lean and prompted manufacturers to raise prices.
Excluding autos, retail sales rose 0.3 percent last month, the smallest gain since July, after rising 0.5 percent in April.
Receipts at gasoline stations rose 0.3 percent after increasing 1.4 percent the prior month.
While cooling gasoline prices were also a drag on retail sales last month, they should help to ease some of the strain on household budgets and underpin growth.
The report painted a generally weak picture of consumer spending, with sales at food and beverage stores falling 0.5 percent. Sales of electronics and appliances fell 1.3 percent, the largest decline since March 2010.
Total retail sales slipped 0.2 percent, the Commerce Department said yesterday, after a 0.3 percent rise in April.
Economists had expected retail sales to fall 0.4 percent.
A separate report from the Labor Department showed producer prices rose 0.2 percent, braking sharply from April's 0.8 percent increase.
"The consumer isn't dead. It's good news for the day, and further evidence that while perhaps not robust, the recovery is bumping along in fits and starts," said Michael Farr, president of Farr, Miller & Washington in Washington.
The economy started the year on a soft note beset by bad weather and rising oil prices, and a raft of surprisingly weak data recently has shown the lull in activity extending well into the second quarter.
A report earlier this month showed US employers added a scant 54,000 workers to their payrolls in May.
Economists pin much of the weakness on high gasoline prices and supply chain disruptions from the earthquake and tsunami in Japan and say a new recession is unlikely.
Instead, they look for activity to pick up in the second half of the year as gasoline prices moderate and the situation in Japan improves, although sovereign debt problems in Europe remain a wild card.
That view was bolstered by the slowdown in wholesale prices, with core producer prices rising 0.2 percent last month after increasing 0.3 percent in April.
Retail sales last month were hit by a 2.9 percent drop in sales of motor vehicles, the largest decline since February 2010, as a shortage of parts following the earthquake in Japan left inventories lean and prompted manufacturers to raise prices.
Excluding autos, retail sales rose 0.3 percent last month, the smallest gain since July, after rising 0.5 percent in April.
Receipts at gasoline stations rose 0.3 percent after increasing 1.4 percent the prior month.
While cooling gasoline prices were also a drag on retail sales last month, they should help to ease some of the strain on household budgets and underpin growth.
The report painted a generally weak picture of consumer spending, with sales at food and beverage stores falling 0.5 percent. Sales of electronics and appliances fell 1.3 percent, the largest decline since March 2010.
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