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Perhaps surprising there wasn't more market reaction to that very weak retail sales report (indeed, Tsys have now moved lower), with control group -1.9% in December (est +0.1%, -1.1% prior - revised lower from -0.5%). That will have a direct negative bearing on Q4 GDP estimates as it is an input into national accounts.
- Combined w other poor data this week including jobless claims, suggests that economic activity at the end of the year was weaker than expected.
- Muted reaction may be on some expectation that the weak data will boost the case for a larger fiscal stimulus.
Census Bureau, MNI