US retail sales post biggest fall since 2009, jobless claims up

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US retail sales post biggest fall since 2009, jobless claims up

United States retail sales had scored their largest fall in over nine years on last December, indicating a penetrating slowdown in US economic activity at the end of 2018. On Thursday, the 14th of February, US economic outlook was dampened further over the release of weekly jobless claim data, since the number of US citizens filing for unemployment benefits for the first time rose last week.

The job data released on Thursday, displayed that the weekly jobless claim had jumped to a one year high on a 30-day moving average, signaling a mild moderation in the job growth. There had also been signs on moderation of inflation and drop of producer prices in January for the second consecutive months, while analysts are suggesting that the word “patience” would be in the Fed’s dialect for a while.

According to the data from the US commerce department, the retail sales had dropped by 1.2 percent, the largest tumble since September 2009, when the global economy had been remerging from a recession. Since the US retail sales data missed the Wall St.

forecast of 0.1 percent from original -1.2 percent, by a wide margin and the US unemployment rises, the American dollar would likely to falter in the upcoming days from a three-year long record streak of gains and the data signaled an extended weakness in the US economy amid tariff war with China.