While strong retail sales in November signaled a solid start to the holiday shopping season, December’s results fell short. Sales were flat month over month, missing the expected 0.4% increase, and eight of the thirteen retail categories recorded declines.
Initial jobless claims fell by 5,000 to 227,000, while continuing claims increased by 21,000 to 1.862 million. Continuing claimshave remained elevated for an extended period, suggesting unemployed workers are taking longer to find new opportunities.