Data from the bank's customers suggest strong Q4 retail sales
Auto, gas, department store sales down
Figures for November indicated weaker spending on goods despite Black Friday sales
Many Americans are digging into their savings to maintain the same level of spending
Gasoline down 2.4%, convenience store sales drop 1.5%
Credit card balances up 15%, grocery spending down
Americans ‘very concerned,’ pulling back on vehicles, electronics, furniture
Gas sales dropped 14.2%
A strong labour market, excess savings and pent-up demand will shield many households
Inflation was main contributor; volume only up 0.2%