Breaking: US core retail sales beat expectations, USD edges higher
|US retail sales came out at 0.3% as expected but core sales beat expectations with 0.5% and the all-important control group rose by 0.5% compared with 0.4% projected.
On the other hand, some of November's figures were revised to the downside. Nevertheless, upbeat consumption continues driving the US economy forward, while manufacturing is struggling.
In a separate report, The Philly Fed Manufacturing Index jumped to 17 points, beating expectations and weekly Unemployment Claims were also better than expected with a drop to 204K
The US dollar is on the rise. EUR/USD is falling off the highs and trading below 1.1160. GBP/USD is closer to 1.3050, and USD/JPY has recaptured 110.
The report for December includes Christmas shopping and also Black Friday figures – as the shopping festivity came out late in 2019. Consumption is around 70% of the US economy.
The figures feed into growth estimates for the fourth quarter. Preliminary Gross Domestic figures are due out toward the end of January.
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