Wells Fargo Weekly Economic & Financial Commentary – March 13, 2015
Consumers in Winter Hibernation?
- Retail sales unexpectedly fell 0.6 percent in February. Sales looked to have been depressed by the harsh winter weather that hit parts of the country during the month, with the biggest monthly declines occurring at auto retailers and building material stores.
- The labor market continued to show signs of tightening this week. Job openings rose to a 14 year high in January while initial jobless claims ticked lower over the past week.
- Inflation reports this week showed import prices rebounding on higher fuel costs, but widespread declines were reported across components of the Producer Price Index.
