Wells Fargo Weekly Economic and Financial Commentary – January 16, 2015

Wells Fargo Weekly

Economics Group: Weekly Economic & Financial Commentary – U.S Review

Oil Price Declines Influence Economic Data

• Retail sales posted a larger-than-expected drop in December. We attribute the bulk of the decline to much lower inflation, however, the broad-based nature of the pullback remained a bit concerning but should not derail Q4 GDP growth.

• NFIB’s small business optimism index reached a new post-recession high as more firms reported that now is a good time to expand.

• Data on three inflation measures pointed to continued easing of inflation pressures as oil price declines pulled down the headline readings for import prices, producer prices and consumer prices.

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Wells Fargo Weekly Economic and Financial Commentary – January 16, 2015