US Data Response
Retail Sales (Dec.)
December’s disappointing retail sales figures suggest it was not a happy holiday season for retailers. For the fourth quarter as a whole, our calculations now suggest that real consumption increased by a more modest 2.0% annualised, less than our previous estimate of 2.6%. As such, we have nudged down our estimate of fourth-quarter GDP growth to 2.2% from 2.5%.
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