BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
Announced this morning, headline Retail Sales for October grew a healthy 0.8%, above forecasts. The increase was driven by sales of autos, fuel, and building materials. However, the control group, which removes sales from food services, auto dealers, building materials, and gas stations, only grew 0.3% for October, lower than forecasts. The robust headline number gives support for a strong upcoming holiday shopping season, but the lower control group figure hints at weaker economic growth. Meanwhile announced yesterday, the core Consumer Price Index rose 2.1% on an annual basis, moving slightly back toward the stated Federal Reserve target of 2%. Following this morning’s report, bond yields fell slightly and equity futures are mixed heading into the market open.
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