U.S. Retail Sales
Chart of the Week for August 21, 2015 - August 27, 2015
Many economists consider U.S. retail sales to be a key economic indicator, as consumer spending accounts for nearly two-thirds of the U.S. economy. The advance monthly sales numbers for July 2015 showed a 0.6% increase, which was higher than the consensus forecast of 0.5% growth. June's previously reported -0.3% decline was also revised upward to no change from May. According to Moody's Analytics, the outlook going forward remains positive as continued growth in the labor market and the improving housing market may encourage more consumer spending.
As noted in the chart above, retail sales have been volatile from July 2014 through July 2015, including three consecutive months of declines from December 2014 through February 2015. Beginning in March 2015, sales growth was generally positive through the July report. Growth was led by restaurants and bars, as well as auto sales, over the last year. Other sectors showing strength included building supply stores, furniture and home furnishing stores, and food and beverage stores. One noted area of weakness over the last year was gasoline stations, with generally falling gas prices helping the overall U.S. economy, but hurting gas stations.
Posted by: sarah_oz@yahoo.com
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