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Posted by: Michael Mandel on June 30
Well…I didn’t expect such an, um, overwhelming response to my previous post.
I will get to everyone’s comments. But first let me respond to the people who worried that e-commerce was too small to make a difference.
In fact, over the past year e-commerce accounted for 36% (corrected!!) of the increase in retail sales, outside of gasoline stations and fuel oil dealers.
Explanation of the correction: The original version of this post said that 91% of the increase came from e-commerce. That number was based on the seasonally adjusted retail trade figures. The new number is based on the seasonally unadjusted figures. Usually year over year changes should be roughly the same for both adjusted and unadjusted data, but in this case they weren’t. Unadjusted data takes precedence in this case. My apologies. I have expunged the bad table and number because it is so far off.
Here is the revised table.
|Not seasonally adjusted||percentage increase|
|1Q08||1Q07||increase||(not adjusted for inflation)|
|millions of dollars||millions of dollars|
|Retail sales except|
|gas and fuel||831,426||820,810||10,616||1.3%|
|bricks/mortar retail sales||799,012||792,216||6796||0.9%|
|ex gas and fuel|
|Share of increase from e-commerce||36%|
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.