Retail Sales decreased by 0.5% in June, the second consecutive decline, to $360.2 billion annualized, against the expected increase of 0.2%, following a decrease of 1.1% in May, (revised upwards from a 1.2% increase), after increasing by 0.6% in April. Over the past year, retail sales volume has expanded by 4.8%. Motor vehicles and parts dealers experienced a 2.3% decline in sales, after recording a 0.6% decrease in May. Building materials and garden equipment sales decreased by 1.0% and gasoline stations reported a 2.0% decline in sales. Sporting goods, hobby and book stores also witnessed a 1.4% decrease in sales.However, sales at electronics and appliance stores increased 1.3%. Sales at clothing and accessories stores rose by 0.6%. General merchandise stores and food services and drinking places each witnessed a 0.2% increase in sales. Retail Sales excluding autos decreased by 0.1% in June, against expectations of a 0.4% decrease, after decreasing by 1.2% in May, (revised from a 1.1% decrease) and increasing by 0.6% in April.
Business Inventories are expected today at 10:00 AM EST. Business Inventories increased by 0.4% in April to $1, 354.3 billion, and were 2.8% less than April 2009 levels. The inventories/sales ratio was 1.23 at the end of April, compared to 1.43 recorded a year ago.
Crude inventories are expected today at 10:30 AM EST. For the week ending July 2, U.S. commercial crude oil inventories had decreased by 5.0 million barrels from the previous week to 358.2 million barrels and were above the upper limit of the average range for that time of year. U.S. crude oil refinery inputs averaged 15.2 million barrels per day during this period, 135 thousand barrels per day above the previous week’s average. U.S. crude oil imports were averaging 9.4 million barrels per day, down 68 thousand barrels per day from the previous week.
Upcoming Releases
Business Inventories (07/14 at 10:00 AM EST)
Crude Inventories (07/14 at 10:30 AM EST)
FOMC Minutes (07/14 at 2:00 PM EST)
Initial Claims (07/15 at 8:30 AM EST)
