Gloomy Retail Sales, Falling Profits At JPMorgan
The Commerce Department reported today that core retail sales fell by 0.4 percent in December, defying economists’ expectations. Core retail sales exclude automobiles, gas, food services and building materials, and the drop comes after a rise of 0.6 percent in November.
The drop is expected to be temporary and not the start of a larger trend, as low gas prices continue to put more money in the pockets of American drivers.
Jill Schlesinger, business analyst for CBS News joins Here & Now’s Jeremy Hobson to discuss what’s happening, and also to take a look at another unexpected piece of news — a drop in profits at JPMorgan Chase.
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