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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.
DATA REACT
A very weak December U.S. retail sales report including lower revisions: headline -1.9% M/M vs -0.1% expected, with ex-auto/gas -2.5% vs -0.2% expected.
- Among the notable numbers, control group retail sales (-3.1% M/M vs 0.0% expected), which feeds into the quarterly GDP reading, saw a big revision down to -0.5% Nov (-0.1% previously).
- Motor vehicles/parts, furniture, electronics, food and beverage, gasoline, clothing, sporting goods, general merchandise, nonstore retailers, restaurants all negative. Full table below.
- Always caveated by potential seasonal adjustment factors / possibly purchases being brought forward in the year due to anticipated shortages for Xmas / delayed into 2022 due to supply chain issues. Omicron also potentially a factor deterring consumers, as were high prices.
- Indeed, the report is especially weak in real terms taking into consideration these are nominal figures and CPI inflation was +0.5% M/M in December.
- Markets largely taking the miss in stride, with Tsys off knee-jerk high; dollar index off 0.1%. UMichigan survey at 1000ET/1500GMT takes center stage before the long weekend.
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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