by Bill McBride on 10/13/2006 10:12:00 AM
Friday, October 13, 2006
Retail sales were mixed in September. From MarketWatch: Retail sales fall 0.4% on plunging gas prices
The sharp drop in gasoline prices drove the nominal value of U.S. retail sales down by 0.4% in September, the Commerce Department reported Friday.The news was better for the National Retail Federation that excludes automobiles, gas stations and restaurants:
"As gas prices dipped last month, consumers had more disposable income to spend on other items, especially back-to-school necessities like clothing and sporting goods," said NRF Chief Economist Rosalind Wells.From MarketWatch:
Sales were particularly perky at the malls in September. Clothing store sales jumped 3%, the biggest gain in a year. Sales at general merchandise stores rose 1.1%, while department store sales rose 1%.Retail sales were revised down for July and August, and it now appears real Q3 retail sales declined from Q2.
Sales of durable goods were tepid. Furniture store and electronics store sales rose 0.2%, and sales at hardware stores rose 0.6%.
Ultimately, lower prices at the pump should free up cash for other purposes, but the effect was limited in September.
Sales at restaurants and bars rose 1% in September after rising 1.2% in August, a sign that discretionary spending remains robust.
Posted by Bill McBride on 10/13/2006 10:12:00 AM