US: Another ugly month for retail sales – Wells Fargo – by MSalordFX RetailSales UnitedStates Banks
t ten of 13 retailers saw sales fall in December while back-to-back declines in control group sales suggest a weak end to the year for goods spending. They see more weakness ahead as excess savings and recent real income gains fade.“December was another ugly month for retail sales. Not only did sales decline 1.1% in the month, which was more than expected, but revisions to prior data left overall sales even lower. Excluding autos and gas stations, sales still fell 0.
“We still broadly expect a gradual spending slowdown, and on goods specifically, is underway as tighter financial conditions, a slowing labor market and low-confidence weigh on spending this year.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo CEO Charlie Scharf aims to cut billions in expenses in 2023 - Phoenix Business JournalThe San Francisco bank — which is the second-largest in the Phoenix metro — still has higher headcount and expenses than rivals with more complex operations, the CEO said.
Read more »
Wells Fargo downgrades Pfizer, says the stock needs a 'Covid reset' to work againUncertainty about the future of Covid treatments will likely hurt Pfizer in the near-term, according to analysts at Wells Fargo.
Read more »
Wells Fargo downgraded by Jefferies on ‘subdued’ view on net interest income and costsWells Fargo & Co. stock fell 1.3% in premarket trades on Tuesday after Jefferies analyst Ken Usdin downgraded the stock to neutral from buy and reduced his...
Read more »
EUR/USD: Risks to Q1-2024 target of 1.13 are tilted to the upside – Wells FargoA more resilient Eurozone economy and a more hawkish European Central Bank offer support for the Euro, explain analysts at Well Fargo. They have a for
Read more »
Wells Fargo CEO Charlie Scharf aims to cut billions in expenses in 2023 - Dallas Business JournalThe San Francisco bank still has higher headcount and expenses than rivals with more complex operations, the CEO said.
Read more »
Wells Fargo earnings draw mixed reaction on Wall Street as one analyst seeks clear vision of where it is going’ - San Francisco Business TimesIn banking news, WellsFargo investors had plenty to digest following the latest quarterly earnings report. Analyst concerns centered on the outlook for the bank's core earnings power and outlook
Read more »