Retail sales in US surge 0.7 percent annually in November

(MENAFN) US retail sales increased by 0.7 percent month-on-month to reach USD724.6 billion in November, slightly surpassing expectations of a 0.6 percent gain. This growth came after a revised 0.5 percent rise in October, reflecting continued consumer spending. The report highlights the resilience of the retail sector, with the largest gains occurring in sales at motor vehicles and parts dealers (up 2.6 percent) and non-store retailers (up 1.8 percent).

On the downside, the biggest decline in sales occurred among miscellaneous store retailers, which saw a drop of 3.5 percent in November. Despite this, overall retail sales showed a positive annual growth of 3.8 percent. The Commerce Department also noted that total sales for the September through November period were up by 2.9 percent compared to the same period a year ago, indicating steady demand from consumers.

These retail sales figures suggest that consumer demand remains strong in the US, even as the economy faces other challenges. The numbers point to ongoing confidence in the retail sector, which is a key indicator of the broader economic health of the world's largest economy.

In contrast to the retail sales performance, industrial production in the US unexpectedly declined by 0.1 percent in November, deviating from market expectations of a 0.2 percent increase. This drop reflects potential challenges in the industrial sector, which contrasts with the consumer spending strength indicated by retail sales data.

MENAFN18122024000045015839ID1109005889