Wells Fargo Weekly Economic & Financial Commentary
Where Are the Gasoline Savings Going?
· Retail sales fell more than expected in January, declining 0.8 percent. While price-related declines at gasoline stations weighed heavily on the headline, sales excluding gas were flat on the month.
· The labor market showed further signs of firming, with the December JOLTS report showing jobs opening at nearly a 14 year high and turnover increasing.
· The NFIB small business optimism index gave up 2.5 points in January, but remains at a relatively strong 97.9.
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