Forex - US Retail Sales, Philly Fed, Empire State, Unit Labor Costs deliver a positive set of data


 12:38 (GMT) 15 Aug

  [Economic Data]

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US Retail Sales, Philly Fed, Empire State, Unit Labor Costs deliver a positive set of data (0101-NKKM-C01)

The large number of USD data releases provided a clearly stronger than consensus tone, Aug's Empire State at 4.8 from 4.3 and Aug's Philly Fed at 16.8 from 21.8 both showing resilience to trade tensions in Aug after improved July data. Retail sales for Jul makes a stronger than expected start to Q3 with a rise of 0.7%, 1.0% ex autos and 0.9% ex autos and gas. Q2 until labor costs are on the firm side of consensus at 2.4% with Q1 revised up sharply to 5.5% from -1.6%, though we had already seen upward revisions to personal income (which helps explain the strength of retail sales). Initial claims are slightly higher at 220k from 211k, but remain within their recent range.


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