The Census Bureau reported today that monthly retail sales increased by 0.2% in November, which was the sixth straight monthly increase in consumer spending, but it was the smallest gain in five months, and less than the 0.6% gain predicted by the consensus forecast. Even with the smaller-than-expected gain, U.S. consumers still set a new all-time monthly record by spending almost $400 billion on retail and food services in November.
Retail spending in November was 6.7% higher than the year-earlier level, and spending in every category except department stores (-3.0%) registered annual gains last month, with especially strong gains in auto sales (+7.5%), miscellaneous stores (+7.7%), gasoline stations (12.9%) and nonstore retailers (+13.9%). Excluding gasoline sales, retail sales increased by 6% on an annual basis.
Retail spending in November was 6.7% higher than the year-earlier level, and spending in every category except department stores (-3.0%) registered annual gains last month, with especially strong gains in auto sales (+7.5%), miscellaneous stores (+7.7%), gasoline stations (12.9%) and nonstore retailers (+13.9%). Excluding gasoline sales, retail sales increased by 6% on an annual basis.
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