McDonald's reported their quarterly earnings yesterday and said that December US same store sales were flat. This is another piece of evidence that shows how sharply the US consumer has retrenched since last August when the credit squeeze began. We will get a clearer picture of where GDP finished late last year as Q4 GDP will be released this week. This statistic is likely to change a number of times as this is the first estimate for GDP. That number and the January employment report to be released on Friday will be of high importance for the equity markets this week.
* Disclosure: I have no position in McDonald's and I am unaware of any position at the firm I advise.
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The strong durable good numbers just released indicate business spending still looks OK. These durable good numbers are notoriously volatile on a month to month basis though.
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