02:52 PM EST, 01/16/2025 (MT Newswires) -- Retail sales rose by 0.4% in December, and were still up 0.4% after excluding a 0.7% gain in auto sales, below estimates for both metrics.

A 1.5% gain in gasoline station sales and a 4.3% increase in miscellaneous store sales were the key positive factors, offset by declines for building materials and at food services and drinking places.

Control group retail sales, which exclude motor vehicles, gas, building materials, and food services, rose by 0.7%, after a 0.4% gain in November.

Import prices rose by 0.1% in December and were still up 0.1%, excluding a 1.4% jump in fuel prices. Petroleum prices were up 0.3%.

Export prices rose by 0.3% in December and were still up 0.3%, excluding a 0.5% gain in agricultural prices.

The Philadelphia Federal Reserve's manufacturing reading surged to 44.3 in January from minus 10.9 in December, indicating solid expansion after the Empire State Manufacturing Index showed contraction.

The New York Federal Reserve's monthly business leaders index, a measure of services conditions, fell to minus 5.6 in January from minus 5.2 in December, indicating a faster pace of contraction. Other services data will be released over the coming weeks.

The National Association of Home Builders Housing Market Index rose to 47 in January from 46 in December and was above a reading of 44 a year ago. NAHB said that builders are still confronted with regulatory issues, high interest rates and a shortage of available land to build on.

Initial jobless claims increased by 14,000 to 217,000 in the week ended Jan. 11, but the four-week moving average fell by 750 to 212,750, a second straight decrease.

Insured claims fell by 18,000 to 1.859 million in the week ended Jan. 4.

Natural gas stocks fell by 258 billion cubic feet to 3.115 trillion cubic feet in the week ended Jan. 10, down 3.4% from a year earlier, but 2.5% higher than the seasonal average for the current week over the previous five years.

Business inventories rose by 0.1% in November, as expected, and followed a flat reading in October. Business sales increased by 0.5%, with gains at the factory, wholesale, and retail levels.

The Q4 GDPnow estimate from the Atlanta Fed is for a 3% gain, revised up from a 2.7% gain reported on Jan. 9. The next update is scheduled for Friday.