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The US Census Bureau reported retail sales fell 1.3% in May to $620.2 billion, ex-autos, gasoline, building materials, and food services retail sales dropped 0.7%. May 2021 figures are 28.1% higher than May 2020. For the period March to May 2021 U.S. retail and food services sales were up 36.2% over the same period in 2020. April 2021’s MoM retails sales were revised up from 0.0% to 0.9%. In addition, the April retail sales ex-autos figure was revised up from -0.8% to 0.0%. Retail trade sales were reported down 1.7% from April 2021, but are up 24.4% compared with April 2020. Clothing and clothing accessories stores sales were up 200.3% and food services and drinking places were up 70.6% versus May 2020.
The U.S. Bureau of Labor Statistics reported the US producer price index up +0.8% in May, after increasing 0.6% in April. The U.S. PPI is up 6.6% for the 12 months ending in May, the fastest rate since November 2010 and follows a brisk 6.2% increase in April. The Core PPI, which excludes the more volatile food and energy prices, was up +0.7% month-over-month and +4.8% for the 12-month period ending in May. Nearly 60% of the increase in the index for final demand is attributed to a 1.5% rise in final demand goods pricing, after rising 0.6% in April. Prices for final demand foods were up 2.6% and for final demand energy 2.2%. The final demand services index reported up +0.6% in May, the fifth consecutive increase. Over 40% of the increase in the index for final demand services is attributable to margins for automobile retailing, which increased 27.3%.
The U.S. Census Bureau reported new residential building permits were down 3.0% in May to a seasonally adjusted 1.681M, still some 34.9% above the May 2020 rate of 1.246M. Single-family permits were down 1.6% over a revised April figure of 1.148M. Privately-owned housing starts were up 3.6% to 1.572M, 50.3% above the May 2020 rate of 1.046M. Single-family housing starts were also up, coming in at 1.098M, 4.2% above April’s revised 1.054M. Privately-owned housing completions reported at 1.368M, down 4.1% from April, and up 16.1% over May 2020. All regions saw new residential building permits drop. The Northeast led the way at a seasonally adjusted -7.1% over April, followed by the West -3.1%, the Midwest -2.6%, and the South -2.3%.
Tuesday June 22 – Existing Home Sales (May)
Thursday June 24 – GDP (QoQ) (Q1)
