US jobless claims rise, retail sales resilient in December
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The news: US jobless claims unexpectedly rose by 14,000 last week to 217,000, surpassing forecasts but staying at levels tied to a strong labour market, data from the Labour Department showed.
Meanwhile, retail sales increased 0.4% in December, reflecting solid consumer spending despite high inflation, but falling short of expectations for 0.6% growth.
The numbers: Economists polled by Reuters had estimated 210,000 claims for the week ending 11 January. Continued claims fell by 18,000 to 1.859 million for the week ending January 4.
Economists polled by Reuters and Bloomberg had expected to see 0.6% growth in retail sales in December.
Retail sales excluding autos, petrol, building materials and food services — known as control-group sales — rose 0.7% in December. Economists had estimated the GDP-linked measure estimate to grow 0.4%.
Spending at restaurants and bars, the only service-sector category in the retail report, fell 0.3%, marking the largest decline in a year.
The context: The data shows the US economy remains resilient. While jobless claims rose more than expected, they remain low overall, reflecting a strong labour market with limited layoffs.
December retail sales figures highlight robust consumer spending during the holiday season, driven by solid wage growth, even as inflation and high living costs weigh on lower-income households.
The sources: Department of Labor, US Census Bureau , Reuters, Bloomberg
