Empire State Manufacturing Stalls, Retail Sales Rise (Somewhat)
November 16, 2009 6:00 pm
Last week we had a look at the Johnson Redbook numbers that showed a slowdown in sales. This week we are seeing another rise in the comparative numbers, but strip out autos that could be leftover from the cash-for-clunkers. Of course some is the demand from Asia.
The first chart shows just how much the inclusion of autos in the retail numbers on a month over month basis helped to boost the number (seasonally adjusted). The bottom chart shows that on a year-over-year basis, retails sales are starting to show relative signs of life again.
Advance Retail Sales reported 1.4% vs. 0.9% Estimate. Retail Sales Less Autos were reported at 0.2% vs. 0.4% estimates, lower then expectations. Retail Sales Excluding Automobiles and Gasoline came in as expected at 0.3%.
Empire Manufacturing was reported at 23.51 vs. expectations of 30.00. The first decline in 5 months.
Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.