Economist's Commentary: April 14, 2008
Quick Take on the Economy: April 14, 2008
By Ken Fears, Manager, Regional Economics
Retail Sales — U.S. Census Bureau
The March reading of retail sales was released this morning. Retail sales rose 0.2% from February and are up 2.0% from March of 2007. Sales excluding automobiles and gas showed no change from last month. Purchases at apparel and merchandise stores both declined, but sales at building materials dealers fell the sharpest. On the up side, receipts at non-store retailers were strong.
What Does this Mean for REALTORS® and Consumers?
- Spending has shown some resiliency this month after being hit hard in February. The economy is slowing no doubt, but resilient sales will keep job losses to a minimum and help to stabilize the housing market.
Consumption of autos bounced back this month, a sign that consumers are still interested in big expenditures if the conditions are right. This trend is an important indicator of consumers' attitudes towards big ticket items like homes.
- A protracted improvement in auto sales, given the record high fuel prices, might also suggest that access to financing has improved — another important indicator for the housing sector.
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
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