November’s Retail Sales outpaced market expectations, posting the largest advance in eight months, up +0.7% vs. +0.5% prior revised (consensus +0.4%). U.S. Import Prices declined -1.5% vs. -1.2% in October; both (MoM) price declines were largely driven by declining fuel prices which were down -6.7% in November and -6.0% in October. The price index for U.S. Exports fell -1.0% in November vs. -0.9% prior for the largest monthly decline since April’s -1.0% drop. Initial Jobless Claims declined more than expected at 294K vs. 297K prior (consensus 297K) and continuing claims increased 2514K vs. 2362K prior (consensus 2344K). Business Inventories were up +0.3% in September with sales unchanged, and expectations for October are for a +0.2% increase. The curve has bear flattened with 2s10s down -0.9 bps.
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