Consumer Cos Down as P&G Sales Hurt by Inflation -- Consumer Roundup

Retailers and other consumer companies fell sharply amid concerns about inflation eroding sales growth.

Shares of Procter & Gamble declined after the consumer-products giant said customers balked more than anticipated at raised prices, causing a major drop in fourth-quarter sales volumes.

Construction on new U.S. homes fell a seasonally adjusted 1.4% in December to 1.38 million.

New jobless claims, a proxy for layoffs, fell by 15,000 to a seasonally adjusted 190,000 last week, the Labor Department said Thursday.

"This morning contained another round of economic data that told two stories," said Edward Moya, senior market analyst at foreign-exchange brokerage Oanda Group, in a note to clients.

"Initial jobless claims data confirms that the labor market remains strong, while the Philly Fed tries to stabilize and the housing market stays stuck in a recession."

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

01-19-23 1700ET