Less than two weeks before Christmas, investors will be regaled by a full data calendar that contains several market-moving indicators. Among them are retail sales, manufacturing and inflation numbers considered gauges of the U.S. economy’s overall strength. The figures could provide further evidence of how the U.S. has become an unlikely oasis in a parched global economic landscape, especially as the euro zone’s woes continues to batter markets worldwide.
Two key pieces of data will include November retail sales on Tuesday, and third-quarter current-account deficit figures on Thursday. Both are major indicators of consumer demand, which Wall Street economists tend to scrutinize closely when estimating U.S. gross domestic product.
A consensus forecast by Dow Jones Newswires expects retail sales to have grown by 0.5%, matching September’s pace. The core figure — which strips out volatile food and energy components — is seen advancing at an equivalent pace. The third-quarter current account deficit is seen narrowing to -$107.5 billion, from -$118.8 billion in the previous quarter.
Meanwhile, inflation data is expected to show muted price pressures. November producer prices are seen rising at a modest 0.1% rate, with the core advancing by 0.2%. The consumer price index is expected to remain unchanged from the previous month, with core inflation ticking up by 0.1%, matching October’s pace.
Most recent U.S. data illustrate that the world’s largest economy continues to grow at a respectable clip, defying many of the more dire predictions about a double-dip recession. Nevertheless, a number of market participants think the Fed — where key members are apparently unconvinced that the U.S. economy’s growth is sustainable in the long-term — could use its policy meeting to hint at its willingness to unleash a third round of easing on housing and labor markets that have resisted the broader economic recovery. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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