A jump in auto sales helped push retail activity higher again in November as consumer spending continued to outpace economists’ expectations.
U.S. retail sales increased 0.7% in November to come in at $724.6 billion, while October’s results were also revised higher, according to Census Bureau data released Tuesday. Analysts surveyed by Dow Jones Newswires and The Wall Street Journal expected sales to increase by only 0.5% in the month. That made November the sixth consecutive month sales data was better than economists’ projections.
Auto sales were a driving factor behind the strong performance, coming in 2.6% higher than the prior month. Meanwhile, e-commerce sellers posted a 1.8% gain during the month. Grocery stores, clothing outlets and bars and restaurants reported declining sales.
The strong sales data will likely be a topic of conversation at the Federal Open Market Committee (FOMC) meeting that begins Tuesday. Officials are expected to lower interest rates again, but the retail sales …