Holiday Shopping Helps Send November Retail Sales Up 0.7%
Retail and food services sales increased a seasonally adjusted 0.7% to $432.3 billion for November, according to a Commerce Department report (link opens as PDF) released today.
After increasing a revised 0.6% in October, analysts had expected a similar 0.6% uptick for November. The 0.7% uptick was the biggest gain in five months.
Top-line numbers look slightly more subdued when accounting for more volatile automobile sales. Auto sales soared 1.8% higher, putting retail sales, less motor vehicles, at 0.4%. But when excluding volatile gasoline's 1.1% month-over-month loss, as well, retail sales kept a solid 0.6% increase.
Source: Census.gov.
Outside of these two sectors, nonstore retailers led sales with a 2.2% increase, while grocery stores took a 0.3% hit and miscellaneous store retailers lagged with a 1.3% drop.
Over the last year, retail sales are up 4.7%.
-- Material from The Associated Press was used in this report.
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