this post was submitted on 15 Feb 2024
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Economics

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Retail sales tumbled 0.8% in January, much more than expected (www.cnbc.com)
submitted 1 year ago by MicroWave@lemmy.world to c/economics@lemmy.world
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  • Advance retail sales declined 0.8% for January, down from a 0.4% gain in December and worse than the estimate for a 0.3% drop.
  • Sales at building materials and garden stores were especially weak, sliding 4.1%. Miscellaneous store sales fell 3% and motor vehicle parts and retailers saw a 1.7% decrease.
  • Also, initial claims for unemployment insurance totaled 212,000 for the week ended Feb. 10, a decline of 8,000 from the previous week’s upwardly revised total and below the estimate for 220,000.
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[–] Fleamo@lemmy.world 1 points 1 year ago

I'm loath to draw too big of a conclusion from one month when seasonal adjustments have been so screwy since Covid, but if this keeps up next month I'd say the Fed should start to cut rates in March.