Retail Sales increased by 1.6% in March to $363.2 billion annualized, higher than the expected increase of 1.2%, following a 0.5% increase in February (revised from a 0.3% increase), after increasing by 0.1% in January. Over the past year, retail sales volume has expanded by 7.6%. Car dealers experienced a 6.7% growth in sales, the largest such increase since October 2009. Sales at clothing and accessories stores increased by 2.3%. Building materials and garden equipment sales increased by 3.1%, the highest such level since November 2007. Increases were felt across many categories with home furnishing and general merchandise stores also reporting gains. Retail Sales excluding autos increased by 0.6% in March, matching expectations, after increasing by 1.0% in February (revised from a 0.8% increase) and 0.5% in January.
The Consumer Price Index increased by 0.1% in March, matching expectations, to an index value of 217.631 (1982-84=100), after remaining unchanged in February and increasing by 0.2% in January. Over the year the CPI has increased by 2.3% before seasonal adjustment. The food index increased by 0.2% in March, after rising 0.1% in February and is up by 0.2% over the year. Energy Prices remained unchanged in March, after decreasing 0.5% in February but are up 18.3% over the year. Excluding food and energy prices, the Core CPI remained unchanged after increasing by 0.1% in February and has advanced by 1.1% over the year.
Business Inventories are expected today at 10:00 AM EST. Business Inventories were virtually unchanged in January, at $1,310.2 billion, and were 8.6% less than January 2009 levels. The inventories/sales ratio was 1.25 at the end of January, compared to 1.46 recorded a year ago.
Crude inventories are expected today at 10:30 AM EST. For the week ending April 2, U.S. commercial crude oil inventories had increased by 2.0 million barrels from the previous week to 356.2 million barrels and were above the upper limit of the average range for that time of year U.S. crude oil refinery inputs averaged 14.6 million barrels per day during this period, 370 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 9.6 million barrels per day, up 501 thousand barrels per day from the previous week.
Upcoming Releases
Business Inventories (04/14 at 10:00 AM EST)
Crude Inventories (04/14 at 10:30 AM EST)
Initial Claims (04/15 at 8:30 AM EST)
Net Foreign Purchases (04/15 at 9:00 AM EST)
Crude Inventories (04/14 at 10:30 AM EST)
Initial Claims (04/15 at 8:30 AM EST)
Net Foreign Purchases (04/15 at 9:00 AM EST)
