Retailers post stronger November sales
Retail sales increased 1.2 percent last month, a surprise to analysts, who had predicted that rising gasoline prices, a housing slump and credit problems would cause consumer spending to increase by only 0.6 percent, the Associated Press reported. This follows a 0.2 percent rise in October and is the largest gain since a 1.6 percent jump last May.
Though a 6.8 percent increase in sales at gasoline stations was primarily due to higher gasoline prices, those outlets’ retail sales excluding gasoline were up by 0.6 percent, according to a U.S. Commerce Department report released today. Department and general merchandise stores, such as Wal-Mart Stores Inc., had a 0.9 percent rise in sales, and specialty-clothing stores’ sales jumped 2.6 percent.
Appliance, furniture, sporting goods and grocery stores also posted strong gains, making up for a 1 percent fall in automobile sales.