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Saturday, March 28, 2020
HomeNewsEconomyU.S. Retail Sales Very Strong in November, Nearly Triple the Median Forecast

U.S. Retail Sales Very Strong in November, Nearly Triple the Median Forecast

Women shop at a Macy's department store in Roosevelt Field shopping mall in Garden City, New York, U.S., November 24, 2017. (Photo: Reuters)
Women shop at a Macy's department store in Roosevelt Field shopping mall in Garden City, New York, U.S., November 24, 2017. (Photo: Reuters)

Women shop at a Macy’s department store in Roosevelt Field shopping mall in Garden City, New York, U.S., November 24, 2017. (Photo: Reuters)

U.S. retail sales and food services surged 0.8% (±0.5%) to $492.7 billion in November from the previous month, and 5.8% (±0.7%) since November 2016. Advance estimates from the U.S. Census Bureau nearly tripled the 0.3% consensus forecast, undoubtedly lifting the outlook for consumer spending in the fourth quarter (4Q).

There was also a most-welcomed upward revision to the previous retail sales report in September.

Total sales for the September 2017 through November 2017 period were up 5.2% (±0.5%) from the same period a year ago. The September 2017 to October 2017 percent change was revised from up 0.2% (±0.5%)* to up 0.5% (±0.2%).

There was particular strength in e-commerce sales in the form of nonstore sales, which boomed 2.5%. Auto sales stood out as the only dip in the report, which declined 0.2%.

Retail trade sales were up 0.8% (±0.55) from October 2017, and were up 6.3% (±0.7%) from last year. Gasoline Stations were up 12.2% (±1.4%) from November 2016, while Building Materials and Garden Equipment and Supplies Dealers were up 10.7% (±2.1%) from last year.

The retail sales report lifts the outlook for consumer spending, which in turn lifts the outlook for 4Q gross domestic product (GDP).

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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