No big surprises in this mornings data. Retail sales were essentially in-line with estimates and the jobless claims data was mixed. Retail sales were relatively strong, but nothing to get overly excited about. Sales came in at 0.5% vs 0.3% ex-autos which is better than expected.
Jobless claims were just 601,000 which was better than expected. Unfortunately, continuing claims made a new record at 6.81MM. While there are tepid signs that the high level of job losses is moderating there are still no signs that employers are hiring and this is the real key to any economic recovery.