US industrial production in January is projected to increase by 0.4% vs. the previous month in tomorrow’s release from the Federal Reserve, according to The Capital Spectator’s median econometric forecast. The projected gain represents a slightly faster growth rate vs. the previously reported 0.3% rise for December. Meanwhile, the Capital Spectator’s median projection for January is above three consensus forecasts based on recent surveys of economists.
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Retail sales slumped in January, delivering a bigger-than-expected decline. This morning’s update on weekly jobless claims only added to the disappointment, albeit mildly so. New filings for unemployment benefits increased a bit more than forecast, rising 8,000 to a seasonally adjusted 339,000. The prevailing theory among the optimists is that an unusually harsh winter is temporarily weighing on economic activity. That’s a narrative that’s a bit easier to embrace at the moment as a powerful winter storm continues to move up the Eastern seaboard of the US this morning.
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