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8 February 2024,07:58
Weekly Outlook
8 February 2024, 07:58
Consumer prices for a range of goods and services surged beyond expectations in December, as reported by the Labor Department. The Consumer Price Index (CPI) for 2023 ended at 3.4%, slightly surpassing the previous figure of 3.1%, while economists had anticipated a reading of 3.2%. This indicated a persistent grip of inflation on the U.S. economy, delaying the possibility of a rate cut in the near future. Similarly, investors are still keeping a close eye on the upcoming CPI numbers to gauge the potential for alterations in monetary policy.
The UK economy experienced a stronger-than-expected rebound in November, primarily fueled by growth in the services sector, as reported by the Office for National Statistics. In detail, the UK Gross domestic product expanded by 0.3% between October and November, rebounding from a 0.3% contraction in the previous month. This growth surpassed economists’ expectations of a 0.2% expansion. Looking ahead, the Bank of England forecasts the UK economy to remain “broadly flat” in the last month of 2023. Nevertheless, the slowdown in inflation has heightened the possibility of a rate cut, igniting market expectations for an optimistic outlook on the UK economy.
In December, US Retail sales increased by 0.6%, following an unrevised 0.3% gain in November, according to the Commerce Department’s Census Bureau. Economists surveyed by Reuters had predicted a 0.4% rise in retail sales. The positive outcome was largely driven by higher purchases of motor vehicles and online goods, indicating continued strength in the economy. As the holiday shopping season concluded in December, retail sales are expected to moderate somewhat but still maintain a robust footing.
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