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Holiday shoppers boost November retail sales Print Email
Written by Eric Tiansay   
Thursday, 13 December 2012 11:59 AM America/New_York

istockphoto-pryzmat4907627XSHoliday shoppers helped drive up retail sales in November, providing a solid start to the first half of the holiday season.

November retail sales (excluding automobiles, gas stations and restaurants) increased 0.8% seasonally adjusted from October and increased 4.4% unadjusted year-over-year, according to the National Retail Federation (NRF). Book, music, sporting goods and hobby stores' sales increased 0.5% seasonally adjusted month-to-month and increased 7.9% unadjusted year-over-year.

"A successful Thanksgiving weekend for retailers and diminishing impacts in the Northeast due to Hurricane Sandy put retail sales back on track in November after tepid results in October," NRF President and CEO Matthew Shay said. "Though negotiations in Washington over the fiscal cliff could effect consumer confidence and spending in December, overall we are optimistic they we'll see solid sales growth this holiday season."

November retail sales, released today by the U.S. Department of Commerce, showed total retail and food services sales (which includes non-general merchandise categories such as automobiles, gasoline stations and restaurants) increased 0.3% seasonally adjusted month-to-month and 3.7% unadjusted year-over-year.

"Stable employment rates, lower gasoline prices and a recovering housing market have all contributed to a holiday shopping season that is on target to meet our original expectations," NRF Chief Economist Jack Kleinhenz said. "American consumers are expected to spend cautiously as they monitor the situation in Washington and wrap up their holiday shopping lists."

NRF expects holiday sales to grow 4.1% over the last holiday season. The retail group defines "holiday sales" as retail industry sales in the months of November and December.