United States: Retail sales growth rises in November
Latest reading: Retail sales rose 0.7% in month-on-month seasonally adjusted terms in November, which was above October’s 0.5% increase and overshot market expectations. November’s reading was largely due to faster growth in motor vehicle and parts dealers and non-store retailers sales.
On an annual basis, retail sales grew 3.8% in November, which was better than October’s 2.9% expansion and marked the best result since December 2023.
Panelist insight: TD Economics’ Ksenia Bushmeneva said:
“U.S. consumers are finishing 2024 in strong financial shape. A rally in equity markets and gains in home prices have bolstered household wealth. While job growth has slowed, the labor market remains healthy and continues to generate jobs. Consumer confidence has also improved, especially following Trump’s election victory, with the prospect of lower taxes lifting households’ spirits.”