US Retail Sales Rise 0.7% in November, Surpassing Expectations

Dec 17, 2024, 01:32 PM

US retail sales rose 0.7% in November, exceeding expectations of a 0.6% increase, driven largely by a surge in automobile purchases, which jumped 2.6%. Online sales also grew by 1.8%. However, retail sales excluding autos rose only 0.2%, below the forecasted 0.4%. The retail sales control group, which feeds into GDP calculations, increased by 0.4%, meeting expectations. Year-over-year, retail sales increased by 3.8%. The strong retail sales suggest continued robust consumer spending despite higher interest rates.