CPI and retail sales data due from the US today, Friday 12 January 2018
For retail sales, this via Westpac:
- Retail sales lifted in November, rising 0.8% following a 0.4% gain in October. Part of the November increase was due to higher energy prices, with gasoline sales up 2.8%.
- Growth in core sales was more modest but still solid at 0.4%. Annual growth in core sales stands at 5.0%yr, up from 3.5%yr a year ago.
- Conditions are supportive of continued robust growth in spending, given strong employment growth and high levels of confidence. Further, anecdotes from the Christmas period have been positive, albeit mixed by store type.
- All told, we look for a 0.5% gain in headline sales and a slightly stronger outcome for the core series. Auto sales are likely to be a hindrance at the margin, while gasoline prices should have little to no impact in the month.
Data is due at 1330 GMT