BAD DATA: Initial Jobless Claims Spike To 399K, Retail Sales Miss By A Mile

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Initial claims jumped up to 399K, well ahead of the 375K that analysts had expected.

Meanwhile, December retail sales only grew 0.1%, which is well below the 0.3% that had been expected.

Retail sales less autos actually FELL by 0.2%, which is well off the 0.3% gain that analysts had expected.

The market is still up (barely) on the day, but this takes some wind out of the economic momentum.



Big data of the day:

Initial jobless claims come out at 8:30 AM ET. Analysts expected 375K initial claims. That’s a touch higher than 372K in the previous week.

The steady grind lower in claims has definitely been one of the most bullish economic trends around. Any number in this general vicinity should be fine.