U.S. retail sales rose 0.7% in November, the sharpest increase since June, as per data from the Commerce Department.
Retail sales rose a seasonally adjusted 0.7% in November from 0.6% in October, with the prior month’s gain being revised up to 0.6% from 0.4%.
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The surge in sales is attributed to stepped-up spending on a wide range of goods from automobiles to electronics.
Core sales, excluding automobiles, food services, gasoline and building materials, rose 0.5% after gaining 0.7% in October.
This core sales gain was also consistent with consumer spending, rising at an annualized rate of at least 3.5% in the fourth quarter, reports Reuters.
Providing a strong start to the crucial Holiday Shopping Season, the data shows that consumers are shifting to big-ticket items like cars or home repairs, and not spending much on items such as clothing.
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By GlobalDataHome improvement chains Home Depot and Lowe’s Inc. last quarter reported better sales gains than chains such as Macy’s Inc or Target Corp.
Inventories have also increased 0.7% in October, the largest gain in nine months, after 0.6% rise in September.
