Retail Sales Disappoint – The December retail sales came in at an anemic 0.1% gain from November, and were actually down -0.2% when autos were excluded. 1
What it Means – This is the second lower reading in a row, and is not the sort of thing that builds confidence in a growing recovery based on consumer purchases. This does fit the rest of the economic picture, as the jobs picture has not improved appreciably and, more importantly, wages continue to be under pressure. Given these two realities, expecting retail sales to march ever skyward seems a bit of a reach.
1. www.bloomberg.com
