Consumers ready for holiday shopping, the busiest time of the year for retail outlets. (Photo: Reuters)
The Commerce Department reported on Friday that retail sales gained 0.2% ($448.1 billion) in November, slightly missing the median forecast calling for a 0.3% increase.
Excluding the auto component, sales were up 0.4% or, more than economists’ expectations for 0.3%. Excluding gasoline, whose price has fallen steeply over the past year, retail and food sales rose 0.3%.
Sales at retailers and restaurants gained at a seasonally adjusted 0.2%from October, which is the largest increase since July.
Consumer spending represents more than two-thirds of all economic output in the U.S., with retail sales representing roughly one-third of that total spending. There has been absolutely anemic growth in retail sales over the past few months, rightfully sending mixed messages on consumer demand in the world’s largest economy.
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