14 Tuesday Jun 2016
Posted | June 14, 2016 11:33:23 | Economics
Retail sales put in a second good month today, rising 0.5% for the month vs. a Bloomberg Econoday Consensus estimate of 0.3%.
Gasoline sales contributed 0.2 percentage points of the increase, no doubt partially due to huge memorial day weekend traffic.
Latest forecast: 2.8 percent — June 14, 2016
Following the sales report, the GDPNow Forecast rose to 2.8 percent.
Mike “Mish” Shedlock
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Can’t wait to see your take on McDonalds moving downtown to Chicago. The way you write, they should probably move to Indianapolis if they want to downtown somewhere.
Jonathan Shultz 619.244.0665
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unbelievable…..considering the sources…….
Snark!
Don’t worry it will be revised down next month.
Store sales:
American shoppers seem to be keeping those wallets closed this spring. The Thomson Reuters Same Store Sales Index registered a -1.1% comp for May, missing its -0.6% final SSS estimate. There were more than average downward surprises — 57% of retailers missed expectations. There weren’t any positive results, either.
It’s a measure of industry weakness that the discount group posted the strongest results with a flat SSS, below its 1.4% SSS final estimate.
Both Costco and L Brands came on top with a flat SSS result, followed by Fred’s -0.4% result. L Brands received a hit from its Victoria’s Secret division, which came in at -1.0% SSS, making it the second straight month it posted a negative SSS result. Meanwhile, Gap which has the biggest weighting in our apparel index, posted a -6.0% SSS, and is being hurt the most by Banana Republic, which saw a decline of 11% in SSS. The Buckle registered the weakest result in our retail universe at -11.0%, followed by Zumiez with a -7.6% SSS result.
May marks the last month of the industry’s Q2 2016. The Thomson Reuters Quarterly Same Store Sales Index, which consists of 80 retailers, is expected to post 0.9% growth for Q2 (vs. 1.4% in Q2 2015). It’s worth noting that a 3% gain is considered a sign of a healthy retail sector.
http://lipperalpha.financial.thomsonreuters.com/2016/06/may-retail-sales-are-still-hurting/