BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
Announced this morning, Retail Sales for December rose 0.3%, as expected. Strength was seen in gasoline stations, clothing stores, and building material retailers, while motor vehicle & parts dealers were weak. The Control Group, which excludes sales for food, autos, building materials and gas stations, rose 0.5% in December, above forecasts. Overall, a nice rebound in the control group figures from the previous month, which is used in the calculation of GDP. Consumers appear to have maintained their spending levels as we moved through the holidays, suggesting the economy will continue its moderate pace of growth in the months ahead. In all, bond yields ticked higher following the report and equity futures are higher heading into the market open.
This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Forward‐looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.
From our colleagues at our sister company, Argent Trust: Announced this morning, the economy added 263,000 jobs in November, higher than expected. The Leisure and Hospitality industry was strong, while the Retail Trade industry was weak. The Unemployment Rate held...