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Retail Sales: Online Sales Drive Stronger Than Expected November

December 14, 2017

Bottom Line: Total retail spending rose sharply more than expected in November with core retail sales jumping nearly 1%, led by sharp gains in "nonstore" retailers as consumers increased their online purchases ahead of the holiday season. Core Sales ex-gasoline stations and ex-building materials during October and November were moderately above their Q3 averages, suggesting that real consumer spending will continue to add positively to Q4 GDP.

Retail Sales
Core Retail Sales
In November, gains were seen at nonstore retailers (+2.5%), gasoline stations, primarily due to high gasoline prices (+2.8%), building materials (+1.2%), and electronic and appliance stores (+2.1%).

Core Retail Sales ex Gasoline

Article by Contingent Macro Advisors