Forex Notes

Retail Sales In The U.S. Grew Stronger Predictions. Recovery Continues!

USA: January, retail sales and food sales 0.5% vs forecast 0.3%, excluding transportation 0.6% m / m against the forecast of 0.5%
The main drivers of growth: the category of electronics (+1.2% vs. -3.5% in December), food products 0.8%, sporting goods +1,0%

December, retail sales revision. to -0.1% from -0.3%, excluding the transport neperesm. at -0,2%
November retail sales revision. to 2.0% from 1.8%, taking into account transport, rev. to 2.0% from 1.9%

Thus, in January retail sales recorded the third increase for the last four months and exceeded the average forecast, suggesting that began in late 2009, recovery in consumer spending will be sustained.

Sales growth was recorded in 9 out of 13 major categories.
Not confirmed the worst fears concerning the automotive industry. As some analysts feared, in terms of sales in this sector could adversely affect the situation with Toyota Motor Corp., Withdrawn from the production of a number of popular models in the U.S.. However, auto sales hold out in the flat market in December after rising by 0,1%.

Sales excluding automobiles, gasoline and building materials (ie the category the government uses to calculate the share of consumer spending in the formation of GDP) grew by 0.8% after a decline of 0,3% a month earlier.

Reducing unemployment and increasing the length of the workweek in the past month suggest that the economy is set to create jobs, and this, in turn, may lead to income growth and demand.
"Consumers are spending, albeit very cautiously," - wrote a senior economist at BNP Paribas Julia Coronado. "This is a very slow road to recovery in consumer spending, but it seems that it is sustainable.