·
US retail sales rose 0.1% in November versus expectations for a 0.1%
decline and October sales were revised higher. In both months, total
sales were held back by lower motor vehicle purchases which fell 1.3% in
November for the third decline in the last four months.
· Sales excluding motor vehicles rose 0.5% following an upwardly revised 1.1% jump in October. Consensus expectations had been for a 0.3% rise. Little of the surprise reflected higher gasoline prices which raised sales at gasoline service stations by 1.0% (24.0% y/y) after a 5.3% spike in October. Nonauto retail sales less gasoline also rose 0.5% (7.0% y/y). Gas prices this month look to be down roughly 5% from last.
· Building materials, garden equipment & supply dealers' sales rose 1.1% (12.8% y/y) following an upwardly revised no change in October. Less sales of building materials, nonauto retail sales rose 8.1% during the past year.
· Moderate gains were logged in the discretionary spending categories. Sales at general merchandise stores rose 0.4% (6.7% y/y) following an unrevised 0.9% October increase. Sales of furniture/home furnishings & electronics/appliances rose 0.5% (4.6% y/y) after an upwardly revised 0.3% rise the month earlier but clothing & accessory store sales slipped 0.1% (5.0% y/y) following the downwardly revised 2.4% October surge.