Retail sales data comes out on Tuesday in the U.S.. So far, chain store sales performed well in the week ending May 12 with the ICSC-Goldman Sachs weekly U.S. retail chain store sales index growing 4.5% on the year and the Johnson Redbook retail sales index increasing by 3.7% on the year.
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Though median pay is expected to increase by 3% in 2012, when you factor in inflation (the consumer price index is growing at 3.6%), expect a reduction in compensation for most employees.
Although the consumer-price index has long been growing in low single digits, many say that it does not accurately reflect the increasing burden.
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Another report released by the Institute for Supply Management Wednesday showed that the service industry began growing significantly last month, producing an index reading of 57.1 in December, up from 55 in November.
Financial services firms that rely on brokers and advisors face a threat from online channels which are accumulating assets faster than full service firms, partly because of the growing popularity of passive investments such as index funds and ETFs, he added.
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Wall Street will be looking closely at the U.S. Producer Price Index for December released on Tuesday, and the Consumer Price Index on Wednesday for signs of growing inflationary pressures.
While the Empire State Manufacturing Index rose more than five points, consistent with a growing economy, orders were down.
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Asked if the supplemental index is getting bigger, he responds that "new pages are constantly being added, " but that the "algorithmic nature" of Google's spider makes it hard to measure the index's size or how fast it's growing.
In addition to the jobs data last week the ISM Non-Manufacturing Index rose to 56, which suggests that the economy is growing nicely and will continue to do so.
The last time the eurozone's services index went below 50 was in mid-2003, when the eurozone was growing at the the snail's pace of 0.8%.
The closely watched ZEW index fell from 48.5 points to 36.3 in April in a sign of growing investor fears over the strength of the German recovery amid widespread debt problems in Europe.
An index tracking prices that companies pay for goods jumped up sharply in July, which means inflation is a growing threat.
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