Retail sales increased by 0.7% in November, signaling a strong start to the holiday shopping season and indicating continued economic growth despite higher interest rates.
Consumers increased their spending at retail stores last month, providing a boost to the economy in the early phases of the winter holiday shopping season. Retail sales rose 0.7% in November, the Commerce Department said Tuesday, a solid increase and higher than October's 0.5% gain. Sales jumped 2.6% at auto dealers and drove most of the gain. Some of that demand likely reflected a need for new cars in parts of the southeast slammed by Hurricane Helene in October.
The boost in spending underscores that the economy is still growing at a healthy pace even with higher interest rates, a trend that could cause the Federal Reserve to lower borrowing costs more slowly next year than they have previously signaled. The Fed will announce its latest rate decision Wednesday
RETAIL SALES ECONOMY CONSUMER SPENDING HOLIDAY SHOPPING FEDERAL RESERVE
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