U.S. Outlook: The slog continues
After all the recent good economic news in recent weeks, the retail sales decline in December was a disappointment.
For a detailed look, see my full weekly analysis. Highlights are outlined below, followed by a link to the full U.S. Outlook report, delivered on Jan. 16.Key observations:
- We’ve lowered our estimates of real GDP for 4Q to 3.2%.
- Deflationary pressures continue to build; December’s drop in wholesale prices was the largest monthly stumble in 3 years.
- Small business optimism increased the most since October 2006.
- Job openings in November reached the highest level since January 2001.