Holiday shopping, gasoline send US retail higher in November
The US holiday shopping season got off to a robust start in November, sending the US retail sector surging along with higher gasoline sales, according to government data released Thursday.
Online retailers like Amazon, as well as department stores, clothing retailers, furniture and electronics outlets and gas stations all had banner months, offsetting sagging auto sales, the Commerce Department reported
Total retail and food services sales rose 0.8 percent over October, with American consumers plunking down $492.7 billion, according to the seasonally adjusted figures. The result handily overshot analyst expectations, which called for an increase of only 0.3 percent.
Consumer spending last month was 5.8 percent above where it was in November of last year.
Adding to the good news, October's sales were revised upward by three tenths of a percentage point, further supporting the view that consumers could boost GDP growth in the final quarter of the year.
Within the strong report, the auto sector struggled last month, with sales falling 0.2 percent from October's solid performance.
Non-store retailers continued to surge, rising 2.5 percent, but even the long-suffering department store sector had a brighter month, increasing 0.3 percent over October.
Electronics and appliance stores jumped 2.1 percent, while the housing sector continued to drive significant spending: furniture stores and building material suppliers gained 1.2 percent.
© 2017 AFP