November retail sales rose 0.3%, defying expectations of a decline, according to the latest report from the Department of Commerce. This increase comes after a 0.2% drop in October, indicating a rebound in consumer spending. Notably, the data is not adjusted for inflation, suggesting that shoppers are willing to spend more despite rising prices. Year-on-year, retail sales increased by 4.1%, surpassing the Consumer Price Index's 3.1% rise. Dining out saw a significant boost, with sales at bars and restaurants up 1.6% compared to a mere 0.1% increase at grocery stores. While electronics and department store sales declined, online shopping remained strong, with non-store retailers reporting a 1% sales increase. The findings align with recent data showing that nearly half of consumers shopped online during Black Friday, with many opting for buy now, pay later options to manage their holiday spending. This trend suggests a growing confidence among consumers as they navigate the holiday season.
Read the full article here.