Retail Sales Beat Expectations
Retail sales grew 0.7% month-on-month in November, beating expectations.
Expectations were for retail sales to rise 0.4% in November when compared to the prior month.The better-than-expected retail sales in November come despite Black Friday sales figures that disappointed.
But as Business Insider's Shane Ferro noted at the time , Black Friday sales tend to have very little correlation with overall holiday sales.
According to the latest report from the Census Bureau, excluding autos, sales rose 0.5% and excluding autos and gas, sales rose 0.6%.
Both these beat expectations.
Excluding autos, retail sales were expected to rise 0.1%, and excluding autos and gas, sales were expected to rise 0.5%.
C ompared to last year, November retail sales rose 4.7%, and October's retail sales were revised up to 0.5% from 0.3%.From Census, here are the month-on-month and year-on-year changes, charted.
And on Twitter, Bloomberg's Matt Boesler noted that excluding autos and gas sales rose 3.9% year-on-year in November, the fastest year-on-year increase in 16 months.
Here's Boesler's chart.