On Friday, the 15th of November 2019, economic data released from US Commerce Department had orchaestrated an overwhelming moderation of US economy, while Friday’s (November 15th) data had also revealed a slight rebound in retail sales last month, but a declined consumer spending on household items alongside clothing had casted further glooms on a slowing US economy ahead of a holiday season.
Meanwhile, according to Friday’s (November 15th) US Commerce Department report, retail sales had reverted September’s loss and posted a gain of 0.3 per cent which would unlikely to meet investors’ expectation as traders were expecting a strong holiday sales which seemed highly unlikely at this standpoint, nonetheless, on a year-on-year basis, retail sales soared by 3.1 per cent.
Besides, casting further smog over a tempestuous outlook of US economy with its manufacturing sectors drowning in a technical recession, a corporate economist at Navy Federal Credit Union in Vienna, Virginia, Robert Rick said on Friday (November 15th) following release of a mixed US retail sales last month, “Consumers are easing off their spendthrift ways from the second quarter and are adopting more prudent attitudes, perhaps still nervous over trade tensions and the slowing of hiring -though that still remains robust.
Should these trends continue we will be facing a not-so-merry holiday shopping season. ” Apart from that, following release of a US retail sales last month that had botched to meet investors’ expectation, US Dollar index (DXY) was dropped against a basket of six major currencies in an average by 0.16 per cent to 97.53 after reaching an intra-day high of 97.85 earlier on Friday’s (November 15th) intra-day trading.