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US retail sales increase further US retail sales increase further
(20 minutes later)
US retail sales in November again rose by more than expected, according to official figures.US retail sales in November again rose by more than expected, according to official figures.
Sales rose 1.3%, its biggest gain in four months, the Commerce Department said. Retail sales were revised downwards for October, gaining 1.1%.Sales rose 1.3%, its biggest gain in four months, the Commerce Department said. Retail sales were revised downwards for October, gaining 1.1%.
Petrol sales jumped 6% and sales of cars, building materials and other goods helped push up the data.Petrol sales jumped 6% and sales of cars, building materials and other goods helped push up the data.
On an annual basis, retail sales rose 1.9% - its first year-on-year gain since August 2008.On an annual basis, retail sales rose 1.9% - its first year-on-year gain since August 2008.
Economists had expected sales to increase by 0.7% in November.Economists had expected sales to increase by 0.7% in November.
Excluding car sales, the Commerce Department said retail sales rose 1.2%, the largest gain since January.Excluding car sales, the Commerce Department said retail sales rose 1.2%, the largest gain since January.
"The numbers were a pleasant surprise," said David Resler at Nomura Securities in New York.
"Consumers are starting to spend a little more freely than they have been and that is going to be an important source of sustainable growth."
Retail sales data is particularly significant in the US, as consumer spending accounts for more than two-thirds of overall US economic activity.