Here come retail sales ...
At 8:30 a.m. ET, we'll get data on US retail sales during November.
Economists estimate that retail sales increased 0.3% month-on-month, up from a 0.1% rise in the prior period.
Excluding the volatile costs of automobiles and gas, they forecast that so-called core retail sales rose 0.4% in November.The data are expected to give us a picture of consumer spending this quarter, and an early read on the holiday shopping season. During this quarter, auto sales soared to historic highs, and consumer sentiment remained robust, noted Deutsche Bank economists to clients.
They also noted that lower gas prices may weigh down the headline retail sales print.
And, RBC's Tom Porcelli noted to clients, "Despite what was seemingly a deceleration in buyer traffic at brick-and-mortar for the Black Friday weekend, Redbook noted same-store sales jumped to a +3.9% y/y pace for that period (vs. just above a 1% pace earlier in the month). Online sales looked even better for the weekend and estimates ranged from 10- 20% y/y growth."