Lackluster U.S. retail sales cast shadow on fourth-quarter economic growth
WASHINGTON - U.S. retail sales increased less than expected in November as Americans cut back on discretionary spending despite a strong labor market, raising fears of a much faster slowdown in fourth-quarter economic growth than currently anticipated.
The Federal Reserve on Wednesday kept interest rates steady and signaled that borrowing costs were likely to remain unchanged at least through next year amid expectations the economy would continue to grow modestly and the unemployment rate remain low. Economists polled by Reuters had forecast retail sales would accelerate 0.5% in November. Compared to November last year, retail sales increased 3.3%.
U.S. Treasury yields extended their fall after the release of the data. U.S. stock index futures reversed earlier gains to trade largely flat before markets opened. The dollar .DXY was weaker against a basket of currencies.Despite the slim gains in retail sales in November, consumer spending likely remains supported by a strong labor market. The government reported last week that the economy created 266,000 jobs in November and the unemployment rate fell back to 3.
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