US retail sales increased unexpectedly in November, as consumers kicked off the holiday season by shelling out during a month that included a blockbuster Thanksgiving shopping period.
The jump in spending reflects the continued resilience of the US consumer and supports hopes the economy may be able to achieve a “soft” landing and avoid a recession.
+0.3%November US retail sales
Retail sales, including for food and petrol, rose 0.3 per cent in November on a seasonally adjusted basis, the commerce department said on Thursday. Economists expected a decline of 0.1 per cent. Excluding petrol and autos, sales were up 0.6 per cent.
October’s sales figure was revised to a decrease of 0.2 per cent from a fall of 0.1 per cent.
November’s increase was driven by more spending at restaurants and bars, sporting goods, hobby and book stores, and on furniture. Sales of petrol — as the price of oil declined — electronics, appliances and at department stores fell the most.