Citi US economic index posts biggest weekly drop since 2011

Monday, 18 February 2019 00:00 - - {{hitsCtrl.values.hits}}

NEW YORK (Reuters): Citi Research’s gauge on US 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 US economic data come in weaker or stronger than analysts forecast, is monitored by traders for the US 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% last month, the steepest fall in eight months.

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

The Commerce Department said on Thursday retail sales plunged 1.2% in December for their biggest drop in more than nine years. Wall Street fell on Thursday before rallying on Friday due to optimism about US-China trade talks.

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

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