Retail sales in the US rose by 0.7% month-over-month in November 2024, exceeding expectations of a 0.5% increase and building on an upwardly revised 0.5% gain in October.
US industrial production unexpectedly contracts
The figures highlight strong consumer spending during the holiday season.
Notable gains were seen in sales at motor vehicle and parts dealers (+2.6%) and nonstore retailers (+1.8%). Additional increases occurred in sporting goods, hobby, musical instruments, and book stores (+0.9%); building material and garden equipment suppliers (+0.4%); furniture (+0.3%); electronics and appliances (+0.3%); and gasoline stations (+0.1%).
Highest declines
However, declines were recorded at miscellaneous store retailers (-3.5%), food services and drinking places (-0.4%), food and beverage stores (-0.2%), clothing (-0.2%), and general merchandise stores (-0.1%), while sales at health and personal care stores were flat.
Core retail sales, which exclude food services, auto dealers, building materials, and gasoline stations and are used in GDP calculations, rose by 0.4%.
