U.S. consumers made another strong statement last month as retail sales rose +0.6%, above the +0.4% median forecast and the strongest sales pace of the quarter. More importantly, December “control group” sales, which exclude auto dealers, building material stores, gas stations and food service, and are used to calculate GDP, jumped +0.8%, far exceeding the +0.2% median forecast. In addition, the November control group increase was revised higher from +0.4% to +0.5%.

On a year-over-year, seasonally-adjusted basis, both headline and control group sales are up +5.6%, the strongest pace since January.

Read the full article

Read more Economic Commentary