Strong U.S. economy: October retail sales and industrial production
U.S. October Retail Sales
Consumer spending remains strong thanks to steady growth in employment and wages, and accumulated savings.
However, on a real basis, prices are rising, so the performance feels solid but not spectacular.
U.S. October Industrial Production
Despite a global shortage of semiconductors, industrial production rose 1.6% month over month, indicating strength.
However, about half of the increase in the industrial production index is due to the recovery from damage caused by Hurricane Ida in the southern United States at the end of August.
Estimating the U.S. real GDP growth from retail sales and industrial production, October is 3.5% annualized on a three-month basis. Since data for November and December are not yet available, the GDP estimate for Q4 cannot be finalized, but the economy appears solid at the moment.
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