Some of Harvey spills into the data

Week Ending September 15 2017 Data Releases Retail sales and industrial production data releases were so bad that markets wrote them off. The reports might have contained a downward signal for the outlook, but it was overwhelmed by some exogenous factor. Both headline retail sales and industrial production were the worst in years, on a monthly basis. Another data highlight was the sustained (relatively) high level of Initial Claims for jobless benefits. Hurricane affected workers (all hourly workers in a populated region) drove rolls from 236k on August 26 to 298k on September 2, and still at 284k as of…

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