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US CONSUMER SPENDING PICKS UP STEAM IN JANUARY

• Retail sales rose by a better than expected 0.5% M/M in January, following an upward revision to December’s estimate.

• Sales excluding autos were up 0.6% M/M and core retail sales rose by a similar margin.

• While this was not a blockbuster performance, the re­port does suggest that U.S. consumers are continuing to do their part in sustaining the economic recovery.

U.S. retail sales rose by a better than expected 0.5% M/M in January, following the 0.1% M/M decline in December (upwardly revised from -0.3% M/M). The advance in sale was ahead of the more modest 0.3% M/M gain expected by the market, but was in-line with our call. The 3-momth annualised trend in retail sales now stands at 9.7% (down slightly from 12.7%), while on a year ago basis sales are up 4.7%. With auto sales remaining relatively flat on the month, sales excluding autos rose by a marginally better 0.6% M/M. Core retail sales, which exclude sales of autos and gas and can be deemed as a more appropriate measure of the underlying trend in consumer spending, were also higher on the month, rising by 0.6% M/M.

The details of the report were fairly strong. There were respectable gains across the board, with sales at non-store retailers (up 1.6% M/M) and general merchandise (up 1.5% M/M) rising massively, while sales of electronics (up 1.2% M/M), sporting goods (up 1.0% M/M), and food (up 0.8% M/M) also advanced. Sales of furniture (down 1.4% M/M) and building materials (down 1.2% M/M) were down sharply in January, reflecting in part the dramatic fall-off in home sales in December, while sales of miscellaneous items declined 1.1% M/M. Motor vehicles sales were flat on the month, after three consecutive monthly gains, while gasoline sales rose 0.4% M/M.

Despite the moderate gain in retail sales, the tone of the report is very favourable, and it suggests that U.S. consumers have regained their appetite for spending (after the modest dip in December) and have continued to hold their side of the bargain. In the coming months, with the economic recovery appearing to gain further traction and the labour market likely to begin creating new jobs on a consistent basis, we expect consumer spending to remain supportive to growth. Even so, it will be some time before we can expect personal consumption expenditures to be the primary driver of the U.S. economic rebound.

Millan Mulraine
Economics Strategist
TD Securities

R.Paul Chadwick
TDCanada Trust
Manager Residential Mortgages
Tel: 905 334 4066
Fax: 905 332 1619
paul.chadwick@td.com
pchadwick.ca

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Real Estate Listings Mississauga

The problem with MLS real estate listings is that homes that are still available are the ones everyone is passing on. If a home has been on the market for a long time and is just not selling, there must be a reason. So just having your home appear on the multiple listing service may diminish its appeal for many discriminating buyers. Smart home buyers get in on great new homes for sale right away. Some are bought up before the advertised listing is seen by buyers. A good Mississauga real estate agent can help you learn of newly available properties and of properties that may be becoming available.

Homes often come up for sale for a number of reasons including financial problems. Some homeowners will try to rent out their basement or take on borders to make up the shortfall in funds for their home mortgages. Power of sale opportunities are often hard to discover too. After months of being in the real estate listings, a homeowner may get discouraged and begin to lower their asking price severely. If you're thinking the Mississauga real estate listings are the best way to market a home, please give us a call so we can show you how a professional marketing approach is better. Often, it's not how many people see your home, but who sees it. Try a better approach to selling Mississauga real estate.