{"id":41919,"date":"2023-02-15T16:32:00","date_gmt":"2023-02-15T16:32:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=41919"},"modified":"2023-02-16T10:38:24","modified_gmt":"2023-02-16T10:38:24","slug":"market-wrap-retail-sales-jump","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-retail-sales-jump\/","title":{"rendered":"Market Wrap – Retail Sales Jump"},"content":{"rendered":"\t\t
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Stocks moved lower during the US session and the US dollar<\/a> moved higher after US retail sales data recorded a massive beat on the month and came in far above expectations today.<\/p>

A big decline was seen in the EURUSD<\/a> pair as it traded sub the 1.0700 level, while stocks headed lower on the day due the fact that the Fed could continue to hike rates.<\/p>

Crypto made the largest move on the day as Bitcoin jumped towards the $23,000 level on the retail sales news as cryptos continue to hold-off last weeks downside pressure.<\/p>

Retail sales in the US unexpectedly jumped 3% month-over-month in January of 2023, the biggest increase since March of 2021 and way above market forecasts of a 1.8% rise. It follows a 1.1% drop in December.<\/p>

The biggest rises were seen in sales at department stores (17.5%), food services and drinking places (7.2%), motor vehicles and parts (5.9%), furniture stores (4.4%), electronics and appliances (3.5%), miscellaneous stores (2.8%) and clothing (2.5%).<\/p>

On the other hand, sales at gasoline stations were flat. Excluding autos, sales increased 2.3% and excluding gas<\/a> and autos 2.6%. The so-called core retail sales which exclude automobiles, gasoline<\/a>, building materials and food services and relate more with the consumer spending component of GDP, were up 1.7%.<\/p>

The data showed that consumer spending remains robust after a slowdown last year, amid a strong labour market, wage growth and signs of easing inflationary pressures. Retail sales are not adjusted for inflation.\u00a0<\/p>

Industrial Production in the United States increased 0.8% year-on-year in January of 2023, marking the smallest increase since the pandemic recovery started in March of 2021. Manufacturing expanded a meagre 0.3% and utilities output sank 8.9%. On the other hand, the mining sector increased 8.6%.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Stocks moved lower during the US session and the US dollar moved higher after US retail sales data recorded a massive beat on the month and came in far above expectations today. A big decline was seen in the EURUSD pair as it traded sub the 1.0700 level, while stocks headed lower on the day […]<\/p>\n","protected":false},"author":4,"featured_media":41921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[176,18,67,199],"yoast_head":"\nMarket Wrap - Retail Sales Jump - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-retail-sales-jump\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - Retail Sales Jump Market Wrap - Retail Sales Jump\" \/>\n<meta property=\"og:description\" content=\"Stocks moved lower during the US session and the US dollar moved higher after US retail sales data recorded a massive beat on the month and came in far above expectations today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-retail-sales-jump\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-15T16:32:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-16T10:38:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/02\/GettyImages-1345825926.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"747\" \/>\n\t<meta property=\"og:image:height\" content=\"447\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - 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