US: Oct Retail Sales were solid, Industrial Production disappointed – Westpac

Dhwani Mehta FXStreet

Analysts at Westpac offer their review on the US economic data released last Friday.

Key Quotes:

“US Oct retail sales were relatively solid and close to estimates. Headline sales rose +0.3%m/m (est. +0.2%m/m). Although sales ex-auto and gas missed at +0.1%m/m (est. +0.3%m/m), the important control group met expectations at +0.3%m/m, albeit with a slight downward revision to Sep.

US Oct industrial production headline fell -0.8%m/m (vs est. -0.4%m/m) as the impact of the General Motors strike (the longest since 1970) added to trade tensions. However, the GM impact will unwind in coming months and the manufacturing side was slightly less negative than expected at -0.6%m/m (est. -0.7%m/m).

The NY Fed’s Empire State manufacturing survey, which has been decidedly volatile earlier this year, was only slightly lower in Nov (est. 6, prior 4). On the positive side, new orders and employment were a touch firmer.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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