In theory, one economic release has marginal relevance. But as yesterday’s news on retail sales for November reminds, sometimes theory gets trampled under the rush to embrace the number du jour, particularly when there’s a big upside surprise making the rounds.
The consensus outlook for retail sales last month was a meager rise of 0.1%. The actual number was a startling 1.0% surge, the Census Bureau reported. Such a hefty surprise comes at just the right time for anxious investors who are told by some that the economy will slow considerably next year. But after yesterday’s news, is the notion of a slowing economy now officially dead?