Most important economic news for today:
USA Advance Retail Sales will be released at 12:30 server time. Market impact: High (USD). Previous number: 0.1%. Forecast number: 0.4%.
This is a monthly measure of sales of goods to consumers at retail outlets. The figure is a significant market mover, valuable both for its timeliness and insight into consumer demand and consumer confidence. Consumer spending is vital to the US economy, accounting for more than two-thirds of all economic activity. Given that retail sales make up a hefty one third of such spending, the Advanced Retail Sales figure acts as a measure of consumer demand before GDP is released. The figure has its limits, though. For instance, the timely release of the report comes at the cost of volatility in the figures and significant monthly revisions.