Retail Sales In U.S. Increased Less Than Forecast In November
Sales at U.S. retailers rose less than forecast in November, representing a pause in spending after robust gains in the previous two months. The 0.1 percent advance followed a revised 0.6 percent increase in the prior month that was smaller than initially reported, Commerce Department data showed Wednesday. The median forecast in a Bloomberg survey called for a 0.3 percent gain. The figures interrupt a trend of solid spending by consumers, who remain a mainstay of the economy in the wake of 2 million hires this year and gradual wage gains. Recent data showing Americans more upbeat about their finances than at any time in 11 years and prevalent discounting may also benefit retailers this holiday-shopping season. “The fundamentals of the household sector are still in pretty good shape,” said Scott Brown, chief economist for Raymond James Financial Inc. in St. Petersburg, Florida. “The anecdotal information suggests that consumers are out there spending, even though they’re very much looking for discounts, that’s been a long-term story.” Read more at Bloomberg.