Retail sales rose more than expected in November, boosting hopes that the all-important consumer sector will support the fragile recovery. The government’s report came as a surprise because the nation’s retailers have been reporting generally lackluster results for the start of the holiday shopping season and consumer spending accounts for 70% of overall economic activity. But retail sales rose 1.3% last month, after a 1.1% October gain, the Commerce Department says. It was the biggest advance since sales jumped 2.4% in August, and more than double the 0.6% increase economists had expected. Excluding autos, retail sales rose 1.2%, triple the 0.4% advance economists expected. A 6% surge in sales at service stations, partly reflecting higher gasoline prices, led the overall gain. But even excluding that jump, retail sales posted a respectable 0.8% rise in November.
November U.S. retail sales rise more than expected
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