US retail sales
  • Prior was +1.7% (revised to +1.8%)
  • Ex autos +0.3% vs +0.9% expected
  • Prior ex autos +1.7% (revised to +1.8%)
  • Ex autos and gas +0.2% vs +0.9% expected
  • Control group -0.1% vs +0.7% expected
  • Prior control group +1.6% (revised to +1.8%)

This is a disappointing reading but there are minor revisions higher to the October numbers. At most, you might see a minor adjustment in the Fed's language about the consumer but if they believed the consumer was strong before, I don't think that will change. If you take the past few months together, it's a great trend. The next question is what happens in the upcoming virus wave.