Strong U.S. retail sales report for November
Retail sales excluding autos, building materials and gasoline—the PCE control group for GDP—rose 0.9% in November, which was much stronger than expected. In addition, this measure of core retail sales for October was upwardly revised to 0.7% from 0.3%, though this was partially offset by a 0.1%-point downward revision to September core sales. Overall retail sales rose 0.2% in November, slightly above forecasts, gasoline station sales dropped 2.3% (on lower gasoline prices). The strength of consumer spending is a very important factor in the Fed’s assessment of the economy and this is a strong report.
RDQ Economics provides global macroeconomic consulting services with an emphasis on U.S. economic fundamentals and monetary policy.
Our views are driven by consistent application of classical economic and monetary principles and has generated superior anticipation of changes in the stance of monetary policy and of movements in economic growth and inflation.
The founders of RDQ Economics, John Ryding and Conrad DeQuadros, have a combined experience of 26 years on Wall Street, 12 years of experience in central banking at the Federal Reserve and the Bank of England and nine years in the independent research space. John and Conrad have worked closely with fixed income, foreign exchange, and equity traders and portfolio managers, which has enabled their analysis and advice to be tailored to a clientele that is focused on trading and investment decisions.
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