US retail sales beat expectations
New York Fed Q4 GDP growth estimate now at 3.9%
US retail sales came in stronger than expected in November, in the latest sign of unexpectedly strong US growth. Year on year retail sales showed the highest nominal gain in the past five years at 5.8%.
The New York Federal Reserve’s “Nowcast” model, which translates current economic reports into a quarterly GDP forecast, now predicts US fourth-quarter GDP growth will come in at an annual rate of 3.9%.