November Retail Sales Improve More Than Expected

by Christopher Freeburn | December 12, 2013 10:25 am

November Retail Sales Improve More Than Expected

Surging purchases at car dealerships and auto stores boosted U.S. retail sales last month[1].

retail shopping display1 300x185 November Retail Sales Improve More Than Expected[2]
Source: Flickr[3]

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.

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[4]. Improving consumer confidence would be welcome news for retailers who depend on a healthy holiday shopping season.

Endnotes:
  1. boosted U.S. retail sales last month: http://www.chicagotribune.com/business/sns-rt-us-economy-retail-20131212,0,6339878.story
  2. [Image]: http://investorplace.com/wp-content/uploads/2011/05/retail-shopping-display1.jpg
  3. Flickr: http://www.flickr.com/photos/rwp-roger/
  4. better-than-expected employment growth last month: http://investorplace.com/2013/12/november-jobs-report/#.UqnUXZG1Kf0

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