Strong consumer spending fuels retail sales growth, defying high interest rates and signaling a resilient economy.
US retail sales increased in November, exceeding market expectations. Sales rose 0.7 percent to $724.6 billion, driven by stronger consumer spending after a lull caused by bad weather. This growth comes despite the Federal Reserve 's efforts to curb inflation by raising interest rates to a two-decade high. The Fed is widely anticipated to announce a third consecutive rate cut on Wednesday, but signal a slowdown in the pace of easing going forward. Excluding gas stations, retail sales rose 0.
7 percent, while motor vehicle and parts dealers saw a significant 2.6 percent increase. Spending at miscellaneous store retailers declined sharply by 3.5 percent, and food services and drinking places saw a smaller 0.4 percent decrease. Year-on-year, retail sales climbed by 3.8 percent
Retail Sales Consumer Spending Federal Reserve Inflation Economic Growth
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