The data currently being released does not reflect any change to growth forecasts.

The monthly data released last week confirmed no meaningful change in economic conditions as we start the new year. The U.S. economy is still growing at a 2% rate after improving by 2.3% for all of 2019. Retail sales for January were up 0.3% for the month after increasing by a revised 0.2% in December. On a trailing twelve-month basis, retail sales grew by 4.4% as compared to 3.5% for all of 2019. The consumer is still benefitting from a tight labor market with jobs growing and rising incomes. Consumer confidence jumped to above 131 in January from 128 in December driven by the favorable outlook for jobs.