U.S. retail sales unexpectedly jumped during November as the holiday season began, providing a fourth-quarter boost to the slowing economy.
Sales advanced by a seasonally adjusted 1.0% from the previous month, the U.S. Commerce Department said today. October sales decreased by 0.1%, revised from a previously reported 0.4% decline.
Wall Street had expected November sales to advance, but not by as much.
Economists had forecast overall retail sales rising just 0.2% in November.
Auto and parts retail sales increased 0.9% in November, after advancing 1.0% in October. Outside the auto sector, all other retail sales climbed 1.1%. Economists expected a 0.3% increase. Sales excluding autos were 0.3% lower in October.
Gas station sales increased 2.3% last month after falling by 5.3% in October. Stripping away sales at gas stations, demand at all other retailers was up 0.9% in November. Excluding both autos and gasoline, all other retail sales increased 0.9% in November.
Sales rose 0.9% at health and personal care stores; 0.7% at restaurants and bars; 0.9% at food and beverage stores; 4.6% at electronics and appliance stores; 1.8% at building material and garden stores; 0.4% at general merchandise stores; 1.3% at mail order and Internet retailers; and 0.8% at sporting goods, hobby and book stores. Sales fell 0.1% at furniture stores and were flat at clothing stores.
U.S. retail sales power ahead in November
- By: IE Staff
- December 13, 2006 December 13, 2006
- 09:40