The numbers: Sales at U.S. retailers rose 0.3% in November and spending was even stronger after accounting for cheaper gas prices, suggesting the holiday shopping season got off to a good start. Economists polled by The Wall Street Journal had forecast a 0.1% decline in sales. Sales had fallen in October for the first time in seven months.
Economists had a predicted a decent holiday shopping season after big gains in the past few years, but they appear still on track to post an above-average performance. Retail sales represent about one-third of all consumer spending and usually offer clues on the strength of the economy. Key details: Sales surged at Internet retailers such as Amazon
AMZN,
+0.92%
as well as stores that sell books, music and other hobby items. Americans also spent more on clothes, furniture, health-care items and new cars and trucks. Sales at bars and restaurants were also strong, climbing 1.6% in November. People go out to eat more when they feel good about their own finances and the broader economy. Restaurant sales are up a sharp 11% in the past year, more than triple the rate of inflation. Receipts at gasoline stations fell sharply again to hold down the headline number on retail sales. But it’s good news for consumers when they have to spend less on fuel because of cheaper oil prices. Sales also fell at department stores and home centers such as Home Depot
HD,
+3.06%.
Retail sales climbed 0.6% when car dealers and gas stations are set aside, which gives a better idea of consumer demand. Big picture: Consumer a …
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Economists had a predicted a decent holiday shopping season after big gains in the past few years, but they appear still on track to post an above-average performance. Retail sales represent about one-third of all consumer spending and usually offer clues on the strength of the economy. Key details: Sales surged at Internet retailers such as Amazon
AMZN,
+0.92%
as well as stores that sell books, music and other hobby items. Americans also spent more on clothes, furniture, health-care items and new cars and trucks. Sales at bars and restaurants were also strong, climbing 1.6% in November. People go out to eat more when they feel good about their own finances and the broader economy. Restaurant sales are up a sharp 11% in the past year, more than triple the rate of inflation. Receipts at gasoline stations fell sharply again to hold down the headline number on retail sales. But it’s good news for consumers when they have to spend less on fuel because of cheaper oil prices. Sales also fell at department stores and home centers such as Home Depot
HD,
+3.06%.
Retail sales climbed 0.6% when car dealers and gas stations are set aside, which gives a better idea of consumer demand. Big picture: Consumer a …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]