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Retail Sales Post Slower-Than-Expected November Gains
U.S. retail sales for November were up 0.2% from October to $528 billion, representing a slower-than-expected start to the holiday season, according to Census Bureau figures released Friday. Economists polled by Reuters had expected a 0.5% increase.
On a year-over-year basis, November sales were up 3.3%, and gained 3.5% for the trailing three months. The month saw auto sales rise 0.5% and online sellers post a 0.8% monthly gain, while sales of clothing and receipts at restaurants and bars were down 0.6% and 0.3%, respectively.
However, the National Retail Federation’s Jack Kleinhenz said the sales figures were more about the calendar than consumer confidence. “November showed modest growth on the surface, but you have to remember that the late timing of Thanksgiving delayed the beginning of the busiest portion of the holiday season and pushed Cyber Monday’s billions of dollars of retail sales into December,” said Kleinhenz, NRF’s chief economist.
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- ◦Economy
