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ECONOMIC REPORT: U.S. retail sales jump 1.4%; Healthy increases reported in most retail sectors
By Rex Nutting, MarketWatch
Last Update: 8:31 AM ET May 12, 2005

WASHINGTON (MarketWatch) - U.S. retail sales rose a better-than-expected 1.4% in April, the best gain in seven months, the Commerce Department estimated Thursday.

The sales gains were widespread across most kinds of retail outlets, including autos, gasoline, department stores and hardware stores.

Excluding autos, sales increased 1.1%. Excluding gasoline, sales increased 1.3%.

Ahead of the report, economists were expecting a tamer-but-still-strong 0.8% rise in retail sales, with a 0.6% increase in sales excluding motor vehicles, according to a survey conducted by MarketWatch.

Retail sales in the previous two months were revised higher by a total of 0.3 percentage points, which means the level of sales in April was 0.9 percentage points higher than expected.

The report shows strong momentum in consumer spending as the second quarter began and also indicates that the soft patch in February and March may have been a little firmer than previously thought.

However, the report came moments after Wal-Mart, the nation's largest retailer, warned that its second-quarter sales would fall short of its previous estimates.

U.S. retail sales were up 8.6% in the past year, the Commerce Department said. Sales excluding autos were up 8.1%. The monthly figures are adjusted for seasonal factors, but not for price changes.

In April, sales at motor vehicle and parts dealers increased 2.5% and were up 10% year-over-year.

Sales of other durable goods were mixed: Building and hardware store sales improved by 1.2%, while furniture sales rose 0.1% and electronics and appliance store sales fell 0.1%.

General merchandise store sales increased 1.5%, the largest gain in a year. Within that category, department store sales increased 1.3%, while warehouse store sales increased about 0.6%.

Clothing store sales jumped 2.8, the biggest rise in 30 months.

Sales at leisure-time stores such as sporting goods and books fell 0.3%.

Gasoline station sales increased 1.9%, likely the result of higher gas prices. Gasoline prices have since fallen off.

Sales at food stores increased 0.7%. Sales at restaurants and bars increased 0.9%.

Sales at health and personal care stores increased 0.7%.

Sales at non-store outlets such as catalogs and online stores increased 0.4%.

8:30am 05/12/05 U.S. RETAIL SALES EX-AUTOS, EX-GAS UP 1%
8:30am 05/12/05 U.S. RETAIL SALES UP 8.6% YEAR-OVER-YEAR
8:30am 05/12/05 U.S. APRIL HARDWARE STORE SALES UP 1.2%
8:30am 05/12/05 U.S. APRIL GENERAL MERCHANDISE STORE SALES UP 1.5%
8:30am 05/12/05 U.S. APRIL RETAIL SALES EX-GASOLINE UP 1.3%
8:30am 05/12/05 U.S. FEB., MARCH RETAIL SALES REVISED UP BY 0.3%
8:30am 05/12/05 U.S. APRIL RETAIL SALES EX-AUTOS +1.1% V 0.6% EXPECTED
8:30am 05/12/05 U.S. APRIL RETAIL SALES UP 1.4% VS. 0.8% EXPECTED

8:29am 05/12/05 U.S. CONTINUING JOBLESS CLAIMS UP 15,000 TO 2.60 MLN
8:29am 05/12/05 U.S. 4-WEEK AVG. JOBLESS CLAIMS UP 2,000 TO 324,000
8:29am 05/12/05 U.S. WEEKLY JOBLESS CLAIMS HIGHEST LEVEL SINCE APRIL 2
8:29am 05/12/05 U.S. WEEKLY JOBLESS CLAIMS UP 4,000 TO 340,000

ECONOMIC REPORT: U.S. jobless claims up 4,000 to 340,000
By Greg Robb, MarketWatch
Last Update: 8:31 AM ET May 12, 2005

WASHINGTON (MarketWatch) - Initial claims for state unemployment benefits rose unexpectedly in the latest week, the Labor Department said Thursday.

The number of workers filing for state unemployment benefits for the first time rose by 4,000 to 340,000 in the week ended May 7. This is the highest level of claims since the week ended April 2.

The department could identify no special factors behind the increase.

The rise in claims was unexpected. Economists had been forecasting initial claims to fall to about 327,000, according to a survey conducted by MarketWatch.

Claims in the previous week were revised higher to a gain of 15,000 to 336,000, compared with the initial estimate of a gain of 11,000 to 333,000.

The four-week moving average of new claims rose by 2,000 to 324,000 in the week.

Jobless benefits are generally available for 26 weeks to workers who lose their jobs through no fault of their own.

The number of former workers receiving state unemployment checks rose by 15,000 to 2.60 million in the week ending April 30. The four-week average of continuing claims dipped 14,250 to a fresh four-year low of 2.59 million.

The insured unemployment rate, representing the percentage of covered workers receiving checks remained at 2%.