Economists were expecting a decline, but the 1.1% slide in retail spending in December was deeper than expected. Even worse, the monthly slide marks the second straight decline. It could be noise, but in the current climate it’s reasonable to read yesterday’s news on the consumer sector as a new warning that business-cycle risk remains elevated.
Daily Archives: January 19, 2023
Macro Briefing: 19 January 2023
* US Treasury’s “extraordinary measures” start today for paying government’s bills
* US producer price inflation cooled in December
* Job cuts in tech industry spread as Microsoft plans to lay off 10,000 workers
* Fed chairman Jerome Powell tests positive for coronavirus
* Cryptocurrency firm Genesis Global Capital set to file for bankruptcy
* Global bond sales surge to record start in 2023: nearly $600 Billion
* US industrial output falls more than expected in December
* Fed’s Beige Book: inflation slowing while job market remains tight
* Home builder sentiment rises in January–first monthly gain in a year
* US retail sales decline for second month in December:
