ECONOMIC CALENDAR:Tuesday: Consumer Price Index, Empire State Mfg. Survey, Housing Market Index, Treasury International Capital Wednesday: Housing Starts, Industrial Production, PMI Manufacturing Index Flash, EIA Petroleum Status Report, FOMC Meeting Announcement, FOMC Forecasts, Fed Chair Press Conference Thursday: Jobless Claims, Philadelphia Fed Business Outlook Survey
- Retail sales rise in November. Americans boosted their spending in November, offering retailers hope for the season. Excluding gasoline, whose price has declined sharply, retail sales are up 0.3%.
- Consumer sentiment ticks upward in December. Consumers regained some confidence this month, which hopefully bodes well for the critical holiday shopping season.
- Business inventories flat in October. After a tiny increase in inventory purchases in September, businesses left their stockpiles flat in October as total business sales fell. The weakness could impact growth in the fourth quarter.
- Jobless claims jump to five-month high. Weekly claims rose 13,000 last week though the increase doesn’t necessarily indicate worsening conditions. Claims tend to be volatile around the holidays and underlying data remains positive.
Quote of the Week
“The great accomplishments of man have resulted from the transmission of ideas and enthusiasm.” – Thomas J. Watson