Economic tailwinds from lower energy prices

Economic tailwinds from lower energy prices? Not yet: US retail sales plummeted by 0.9% in December. The figure, well below the downwardly-revised 0.4% increase of November and expectations for a decline of 0.1%, was the largest month-on-month percentage decline seen since January 2014. Mirroring the move in the headline figure core sales, that which excludes auto purchases, fell by 1.0% following a downwardly-revised 0.1% increase in November, with the contraction the largest recorded since March 2009. While far too early to call a trend, if the Fed are looking for economic tailwinds for consumption based on lower gas prices, it clearly isn't evident yet. (VIEW LINK)