–Ex Auto & Gas +0.6%; Autos +2.3%, Gasoline +1.4% as Prices Rise
By Joseph Plocek
WASHINGTON (MNI) – U.S. February retail sales data were pretty much
as expected, but upward revisions to January levels and slight downward
revisions to December have altered the trajectory of the economy to show
gathering momentum for Q1.
February retail sales printed +1.0% overall, +0.7% excluding autos,
and +0.6% ex autos and gas, pretty much matching expectations.
January sales were revised higher to +0.7% overall and +0.6%
ex-autos, adding about $821 million to ex-auto sales.
February’s weakness was seen in furniture at -0.8%, healthcare
-0.3%, and non-store (mail order & Internet) -0.3%. All other areas
posted gains, led by +1.4% in gasoline (probably price-related), +1.3%
sporting goods (a rebound after -1.0% in January), +2.3% autos (new unit
sales jumped), +1.2% food, +0.9% electronics, +0.8% clothing, and +0.6%
building materials.
January-February nonauto sales are growing nearly +6% SAAR from
their Q4 average, a very hefty rate that suggests Q1 real GDP is
advancing smartly. This sort of sales growth is consistent with Q1 GDP
reaching +3% or better.
**Market News International Washington Bureau: (202)371-2121**
[TOPICS: MAUDS$,M$U$$$,MT$$$$,MAUDR$]