The data released last week and scheduled for this week is not expected to move markets.

The engine driving overall growth in the economy is consumer final demand. A key measure of that is retail sales. This data for October was released last week and came in with mixed results. The headline number was +0.3% , which was slightly better than the 0.2% expected. However, excluding autos, sales only increased by 0.2% and excluding gas were up only 0.1%. Retail sales are not adjusted for inflation so a month when promotions in the auto sector and changes in gas prices occur, the total number is highly volatile. The control group within the total retail sales report is used to calculate Real GDP results. The control group was up a solid 0.3% for the first month of the fourth quarter.