USA The Bureau of Economic Analysis put out its first estimate of Q4 GDP growth. The economy reportedly expanded 2.9% annualized in the quarter, a bit more than the median economist forecast calling for a +2.6% print. This gain hoisted economic output 5.1% above its pre-COVID level and reduced the output gap to only 0.5%. Domestic [...]
USA Retail sales were down 1.1% in December. Economists were expecting them to decline 0.9%. Adding to the disappointment, November’s sales growth was revised down from -0.6% to -1.0%. Sales of motor vehicles/parts contributed negatively to the headline print, contracting 1.2%. Without autos, retail outlays retreated 1.1% as small gains for building materials (+0.3%) and sporting [...]
USA The Consumer Price Index edged down 0.1% in December, the indicator’s first decline in five months. The result was in line with consensus expectations. Prices in the energy segment dropped 4.5% as declines for fuel oil (-16.6%) and gasoline (-9.4%) were only partially offset by a 3.0% gain for utility gas services. The cost of [...]
USA Nonfarm payrolls rose 223K in December, slightly more than the +203K print expected by consensus. Compensating for this positive surprise, the previous month’s data were revised downward a cumulative 28K. Taking these revisions into account, nonfarm payrolls were roughly in line with expectations and signaled weaker, albeit still healthy, job gains. Employment in the goods [...]
