Retail Sales Drop, Jobless Claims Up

The Commerce Department announced that retail sales dropped 0.3% in December, the first decline in retail sales in 3 months. Analysts had believed that sales were going to raise 0.5% in December after a 1.8% increase in November.

Unemployment claims also rose from 11,000 to 444,000 last week; analysts had believed that only 437,000 claims were going to be filed.