November Retail Sales Point to A Strong Holiday Shopping Season
BY Abigail Tracy
Sales for the month outpaced expectations, building confidence for businesses' end-of-the-year push.
Although Thanksgiving weekend sales were a bit underwhelming this year, there was a 0.7 percent increase in retail sales for November, the greatest jump since June. This jump in sales could indicate a solid holiday shopping season ahead, The Wall Street Journal reported.
Economists had predicted a 0.6 percent increase in retail sales for the month. Auto sales accounted for much of the hike, which was a 4.7 percent increase from the same period in 2012.
According to the Journal, the sales numbers, in combination with rising consumer confidence and job acceleration, might signal that consumers are achieving greater economic stability.
But it is important to note that not all economic indicators have been uniform. The state of the economy in November was difficult to gauge due to changes in store hours over the holiday, a jump in online commerce, and calendar peculiarities this year, the Journal reported earlier this week.