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Economic news
14.12.2023

U.S. retail sales unexpectedly rebounds in November

The Commerce Department announced on Thursday that sales at U.S. retailers increased 0.3 per cent m-o-m in November, following a downwardly revised 0.2 per cent m-o-m fall (from -0.1 per cent m-o-m) in October. 

Economists had predicted total sales would slip 0.1 per cent m-o-m in November.

According to the report, the November advance in total retail sales was due to gains in 8 of all 13 retail categories, led by food services and drinking places (+1.6 per cent m-o-m), sporting goods, hobby, musical instrument, and bookstores (+1.3 per cent m-o-m), and nonstore retailers (+1.0 per cent m-o-m). These increases, however, were partly offset by declines in 5 remaining categories, led by gasoline stations (-2.9 per cent m-o-m), and miscellaneous store retailers (-2.0 per cent m-o-m). 

Excluding auto, retail sales rose 0.2 per cent m-o-m in November after a downwardly revised flat m-o-m performance (from +0.1 per cent m-o-m) in the previous month, being better than economists’ forecast of a 0.1 m-o-m drop. 

In y-o-y terms, U.S. retail sales surged 4.1 per cent in November after a downwardly revised 2.2 per cent surge (from +2.5 per cent) in the previous month. That marked the strongest annual increase in retail sales since February (+5.3 per cent y-o-y).

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