US DATA: Dec retail sales print a little under expectations at
+0.6% overall, +0.5% ex auto, and +0.4% ex auto and gas; also Nov
ex-autos was rev lower to +1.0%. This still suggests consumption was
growing fast in Q4, but Q4 GDP estimates probably will remain in the +3%
area after this disappointment. YOY sales are +6.65% vs -6.5% in 2009
and -0.8% in 2008. Dec sales were held down by -0.6% electronics, -0.6%
food, and -0.2% clothing (severe seasonal adj took away about 40% of the
NSA gain). Sales gains were seen in furniture +1.0%, bldg mats +2.0% (a
rebound after -1.1% in Nov), healthcare +1.6%, and sporting goods +0.4%.
Autos were +1.1% and gasoline +1.6% (mainly on price gains). Overall
sales had a good Dec and full-yr showing, just not as robust as chain
store results alone suggested.