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BMO Capital Markets: Negative economic news piling for US economy

BMO Capital Markets analysis team suggest that the negative U.S. economic news seems to be piling on these days including the recently released housing starts, retail sales and industrial production, even though stronger inventories and consumer confidence were a good offset.

Key Quotes

“In any event, the U.S. goods trade deficit widened to a record $79.5 bln in Dec, as a third consecutive (2.8% in Dec) drop in exports (no shock…. weaker global demand and a stronger USD will do it) was mixed in with a 2.4% jump in imports.”

“In any event, the data on the ground suggest there’s downside risk to Q4 GDP (due out today; consensus is 2.5% a.r.). At least stronger retail and whole sale inventories will provide a good offset.”

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