U.S. Retail Sales Accelerate to 5-Month High as Shoppers Splurge on Holiday Spending

Resilient consumer spending boosted U.S. retail sales growth to its highest level since July as shoppers prepared for the holiday season.

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In November, retail sales rose by 0.6% month-over-month, above the estimate of 0.5% and up from a revised drop of 0.1% in October. Excluding car and gas sales, retail sales grew by 0.4%, topping the estimate of 0.3% and matching October’s revised growth of 0.4%.

November Retail Sales Jump as Online Spending Rallies to Record High

November is generally a good month for retail sales, as it includes the Black Friday shopping event. Of the 13 spending categories tracked by the U.S. Department of Commerce, 10 posted growth, including general merchandise, furniture, and electronics stores.

Digital spending is also on the rise. During the holiday season, which lasts from November 1 to December 31, online consumer spending grew by 6.8% annually to a record $257.8 billion, according to data compiled by Adobe (ADBE).

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