National Association of Federal Credit Unions (NAFCU) Chief Economist and Director of Research Curt Long issued the following statement in response to the Commerce Dept.’s January retail sales report.
“Despite turbulence in financial markets and a blizzard that socked the east coast, January sales improved 0.2 percent for the month and core sales were up 0.4 percent,” said Long. “An upward revision to December adds to the overall impression that consumers are more resilient than some have feared. There is a growing disconnect between weakness in the stock market – which has been fueled by global concerns and plunging oil prices – and the condition of the domestic economy. While the time is not ripe for a rate hike from the Fed, that time may come as early as June if market conditions stabilize.”