Daily Management Review

US retail sales are better than forecast


In April 2016, retail sales in the US increased by 1.3% compared with the previous month, according to the Ministry of Commerce data. The growth rate was the highest since March 2015.

Analysts surveyed by Bloomberg expected a less significant increase in the index - by 0.8%.

In March, retail sales decreased by 0.3%.

Retail sales, excluding autos, gasoline and building materials (so-called "control group" - an indicator used to calculate US GDP) grew by 0.9% in April. Experts forecast an increase of 0.4%. March showed an increase of 0.2% instead of the previously reported 0.1%.

Retail sales excluding autos rose last month by 0.8% after rising 0.4% in March. Analysts had expected growth rate of 0.5%.

Sales of 11 out of the 13 major categories of retail goods increased in April. Thus, sales of furniture rose by 0.7%, food and beverages - by 0.9%, clothing - by 1%. Dealers recorded a sales growth of 3.2%. At the same time, sales of construction products decreased by 1%, sales of goods of total demand did not change compared with the March level.

Improved financial situation of the Americans, reflecting debt reduction and savings growth show that consumers will be able to adjust relatively easily to mounting gasoline prices and deteriorating situation on the labor market. In turn, this will help retailers to recover from a disappointing start of the year.

The American department store chain J.C. Penney's, contrary to market expectations, has reduced revenues in the I quarter of 2016 due to drop in sales.

According to the company's report, net loss was $ 68 million, or $ 0.22 per share, compared with a loss of $ 150 million, or $ 0.49 per share, a year earlier. Sales declined from $ 2.86 billion a year earlier to $ 2.81 billion.

source: bloomberg.com

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