Analysts at Danske Bank point out that today's US retail sales could print a decent number and further note that consumption fundamentals still seem solid, with increasing employment, solid real wage growth and high consumer confidence.
"Private consumption is still the main growth driver in the US."
"That being said, the retail sales indicator is very volatile and prints negative from time to time despite consumption actually growing when looking at the bigger picture, so in that sense we would not be surprised if we get one bad print after some strong months."
"The numbers for manufacturing production will also be in focus given the difficulties for the sector amid the ongoing trade war with China. For the same reasons, we keep an eye on the release of the Empire PMI manufacturing."
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