United States: Retail sales growth inches up in November
December 12, 2013
In November, retail sales increased 0.7% over the previous month in nominal terms. The increase followed the 0.6% recorded in October (previously reported: +0.4% month-on-month) and was above market expectations of no change. Nine of the thirteen categories that make up the retail index expanded over the previous month, with motor vehicle and parts dealers, as well as building material and supply outlets, showing the strongest gains. Those improvements were partially offset by decreased sales at miscellaneous stores and clothing retailers.
Retail sales excluding cars and gas - a closely watched subcategory of the retail trade index - increased 0.6% over the previous month in November. The reading matched October's result (previously reported: +0.3% mom) and exceeded market expectations of a 0.2% rise.
Retail sales rose 4.7% compared to the same month last year. This figure was above the revised 4.1% increase recorded in October (previously reported: +3.9% year-on-year). The annual trend is pointing upward, with annual average growth in retail sales rising from 4.4% in October to 4.5% in November.
FocusEconomics Consensus Forecast panelists expect private consumption to grow 2.0% in 2013, which is unchanged from last month's forecast. For 2014, the panel sees private consumption increasing 2.6%, which is also unchanged from last month's forecast.
Author: Carl Kelly, Economist