Retail sales grew at double rate expected by consensus in November, yet the market doesn’t seem all that excited.
U.S. Census Bureau: The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for November, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $352.1 billion, an increase of 1.3 per cent (±0.5%) from the previous month and 1.9 per cent (±0.5%) above November 2008.
AP: It was the biggest advance [+1.3%] since sales jumped 2.4 per cent in August, and more than double the 0.6 per cent increase economists had expected.
Maybe because it was all gasoline! Ex-gasoline, retails sales were only up 0.8% month over month, not 1.3%.