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Retail Sales Up in NovemberDecember 14, 2010 By: Staff
Retail sales edged up by 0.8 percent in November, according to the Commerce Department’s U.S. Census Bureau report. This represents the fifth consecutive monthly increase and exceeds private-sector expectations of 0.5-percent growth.
“Retail sales data have now shown five consecutive months of strong gains and underscore continuing growth in consumer spending,” said Gary Locke, U.S. commerce secretary. “Retail sales is one of many positive economic indicators that confirm our economy is moving in the right direction. Through efforts like the President’s bipartisan tax cut framework, the administration is working to add momentum that will help spur job creation and support further economic growth.”
Motor vehicle sales fell 0.8 percent. Sales excluding automotive dealers increased 1.2 percent, also exceeding private-sector expectations of a 0.7 percent gain.