Retails and foods services sales didn’t change in August compared to July 2011, but were still by 7.2% above the sales at August 2010.
The U.S. Department of Commerce issued its monthly report on the change in the U.S. retail and food sales during August 2011.
This report adjusts for seasonal variances but controls for price changes. During August, the U.S. retail and food sales reached $389.5 billion, which is nearly unchanged compared with July’s sales. U.S. retail sales slightly rose by 0.1% in August. The gasoline stations sales were 20.8% higher in August 2011 than a year earlier and 0.3% higher than in than in July 2011. Total sales of gasoline in the past eight month in 2011 reached $357.01 billion (not adjusted for seasonality) – an increase of 19.1% from the parallel time in 2010.
This news along with the recent US PPI report, which also showed stagnation, might suggest that the US economy is further slowing down as prices and sales aren’t growing. It’s early to reach any conclusions, but it surely doesn’t look well for the progress of the US economy.
The financial markets didn’t seem to react much to this news and the US stock markets are currently traded up.
Current Nymex crude oil price, short term futures (October 2011 delivery) is traded down by 1.30% to $89.04 per barrel as of 18:42*.
Current Dated Brent spot oil price inclines by $0.14/b to $111.46 / barrel as of 18:42*.
Current gold price, short term futures (October 2011 delivery) is traded at $1,825.4 per t oz. a $4.70 decrease as of 18:37*.
Euros to US dollar exchange rate is currently traded up at 1.3766 a 0.6419% increase as of 18:51*.
For more on this subject: