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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
Today's weaker-than-expected advance Dec retail sales print contained negative-to-flat numbers across the board - see the table below.
- Weakness was led by furniture, gasoline sales, and department stores, with nonstore retailers, motor vehicles and restaurants also firmly negative.
- Some of the larger categories were merely flat on the month (food/beverage stores represent roughly one-eighth of retail sales).
- The weakness in this report partly reflects lower prices in December as opposed to simply volumes (eg gasoline sales -4.6% M/M, vs gasoline CPI -9.4%) but that is not a clear case (restaurant sales -0.9% vs +0.4% for "food away from home in the CPI report).
- And while the decline in motor vehicle sales can probably be partly ascribed to car price deflation, the broad swathe of negative categories - including furniture, and another weak building materials reading - conveys a hint of cyclical categories being hurt by sensitivity to higher interest rates
Source: Census Bureau
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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