The Commerce Department reports sales at retailers rose 0.4% in December for the fourth straight monthly gain. The increase was slightly below the MarketWatch forecast of 0.5%, but November and October were both revised higher. Excluding autos and gasoline, retail sales also rose 0.4% last month. They show the big divide between fast-growing internet retailers and old-fashioned department stores. Sales on the internet jumped 1.2%, while sales at department stores fell 1.1%. That was the biggest decline in a year and a half.
The Federal Reserve may have to “press harder on the brakes” at some point over the next few years, increasing the risk of a hard landing for the economy, according to New York Fed President William Dudley. in a speech to the Securities and Financial Markets Association he said "The risk of economic overheating seems like an odd issue to focus on when inflation is low" but that this is a real risk over the next few years.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
