Retail sales grow by 0.4% month-on-month in December, slower than expected
increased at a slower-than-anticipated month-on-month rate in December, in the latest data point that could paint a picture of the state of the American economy heading into the new year.
Spending at automotive dealerships eased and expenditures on building material and garden equipment store sales fell by 2%. Gasoline station sales rebounded by 1.5% on a monthly basis, although analysts at Capital Economics noted that this was less than expected given a recent jump in gas prices. In a note to clients, the analysts at Capital Economics led by Chief North America Economist Paul Ashworth said that while the retail sales figure was weaker than projected, it was still strong enough to boost their expectations for fourth-quarter growth.
The four-week moving average of jobless claims, which aims to account for volatility in the weekly number, decreased by 750 to 212,750.from the Philadelphia Federal Reserve came in at 44.3 in January, far above the prior month's level of negative 10.9 and forecasts of negative 5.0. The reading, which indicates an expansion in manufacturing activity, was the highest since April 2021 and the largest monthly uptick since June 2020.
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