Consumer confidence in the U.S. fell slightly in early January, data from the University of Michigan survey of consumers showed Friday. The preliminary estimate of the index of consumer sentiment was 79.2 in January, down from 80.7 in December. Economists surveyed by The Wall Street Journal had expected the indicator to come in at a similar 79.4.
U.S. industrial production increased solidly in December, providing a source of strength for the U.S. economy as consumer spending and employment gains slow. Industrial production, a measure of factory, mining and utility output, increased a seasonally adjusted 1.6% in December, the Federal Reserve said Friday. Economists surveyed by The Wall Street Journal expected a 0.5% rise.
Canada's main stock index was muted on Friday, as weakness in energy stocks and fears of tighter lockdowns amid rising coronavirus cases globally outweighed optimism around a $1.9 trillion U.S. stimulus plan.
U.S. manufacturing output increased more than expected in December, but disruptions to the supply chain as the relentless pandemic keeps some workers at home could slow production in the months ahead. Manufacturing production rose 0.9% last month after advancing 0.8% in November, the Federal Reserve said on Friday.
The producer-price index, a measure of the prices businesses receive for their goods and services, rose a seasonally adjusted 0.3% on the month. Excluding the often-volatile food and energy categories, producer prices were up a seasonally adjusted 0.1% in December. Nearly half of the December increase was attributable to gasoline prices, which jumped 16.1%, the Labor Department said.
Manufacturing activity in New York state expanded in January at a softer pace than that of the previous month, data from the Federal Reserve Bank of New York showed Friday. The Empire State Manufacturing Survey's general business conditions index decreased to 3.5 in January from 4.9 in December. The reading misses expectations from economists polled by The Wall Street Journal, who had expected the indicator to increase to 6.0.
U.S. retail sales fell for a third straight month in December amid job losses and renewed measures to slow the spread of COVID-19, further evidence that the economy lost speed at the end of 2020. Still, the economy is unlikely to slip back into recession, with other data on Friday showing production at factories accelerating last month.
* Retail sales fall 0.7% in December. * Core retail sales drop 1.9%; November revised down. * Manufacturing production increases 0.9% By Lucia Mutikani. U.S. retail sales fell for a third straight month in December amid job losses and renewed measures to slow the spread of COVID-19, further evidence that the economy lost speed at the end of 2020.
Canada's main stock index futures fell on Friday, as weakness in oil prices and fears of tighter lockdowns as coronavirus cases rise globally outweighed optimism around a U.S. stimulus plan outlined by U.S. President-elect Joe Biden.
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