November Retail Sales Climb Sharply
Courtesy of U.S. Department of Commerce
Retail sales rose 0.7 percent in November, topping economists’ forecasts, as sales of cars and building materials surged during the early holiday shopping season.
The month-to-month rise was the highest since June, and beat predictions of a 0.6 percent increase. November retail sales were up 4.7 percent from a year earlier, according to the U.S. Department of Commerce.
In addition to autos and building supplies, consumers also increased spending on furniture and electronics, as well as at restaurants and bars. Sales fell at gasoline stations, grocery stores and clothing stores.
Excluding cars, sales were up just 0.4 percent, slower than the 0.5 jump in non-auto sales in October.
November sales are a useful indicator of retail performance for the entire holiday season, which accounts for 40 percent of yearly sales at some stores.
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