Citi U.S. economic index posts biggest weekly drop since 2011

NEW YORK (Reuters) - Citi Research's gauge on U.S.

Reuters February 16, 2019 03:05:15 IST
Citi U.S. economic index posts biggest weekly drop since 2011

Citi US economic index posts biggest weekly drop since 2011

NEW YORK (Reuters) - Citi Research's gauge on U.S. economic data surprises fell 40.7 points this week for its biggest weekly decline since June 2011, as the latest data on retail sales and factory output fell far short of market expectations.

The Citi barometer, which measures whether U.S. economic data come in weaker or stronger than analysts forecast, is monitored by traders for the U.S. growth trajectory. It stood at -23.6 points on Friday, down from 17.1 points a week earlier.

The index's drop this week was the steepest weekly decrease since a 60.0 point fall in June 2011.

Earlier on Friday, the Fed said domestic factory production fell 0.9 percent last month, the steepest fall in eight months.

Prices of imported goods and services into the United States fell 0.5 percent in January, resulting in the largest annual decline in nearly 2-1/2 years, according to the Labour Department.

The Commerce Department said on Thursday retail sales plunged 1.2 percent in December for their biggest drop in more than nine years.

Wall Street fell on Thursday before rallying on Friday due to optimism about U.S.-China trade talks.

U.S. Treasury yields were little changed on Friday after falling the previous session.

(GRAPHIC-Citi U.S. economic surprise index, click here https://tmsnrt.rs/2BEX19V)

(Reporting by Richard Leong; editing by Diane Craft and Susan Thomas)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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