November Retail Sales Improve More Than Expected

October's prior estimate was revised higher

   

November Retail Sales Improve More Than Expected

Surging purchases at car dealerships and auto stores boosted U.S. retail sales last month.

retail shopping display1 300x185 November Retail Sales Improve More Than Expected
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On Thursday, the Commerce Department said that November saw a 0.7% gain in retail sales. That topped the 0.6% rise forecast by economists and marked the largest increase since June, Reuters notes.

Abercrombie and Fitch 200x200 November Retail Sales Improve More Than Expected
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The government also revised upward October’s retail sales gain from a previous estimate of 0.4% to 0.6%.

Auto-related sales jumped 1.8% last month, which offset a 1.1% decline in gasoline sales. Apparel stores saw sales fell 0.2%, while electronics and appliance retailers reported a 1.1% rise in store sales.

Construction and garden supplies also jumped 1.8%, shaking off a 1.5% decline in the prior month.

Stronger November sales may signal growing consumer confidence in the economy, which posted better-than-expected employment growth last month. Improving consumer confidence would be welcome news for retailers who depend on a healthy holiday shopping season.


Article printed from InvestorPlace Media, http://investorplace.com/2013/12/november-retail-sales-improve-expected/.

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