US consumers kicked off a strong start to the holiday shopping season, according to the latest data from the Commerce Department, giving retail sales a boost despite negative expectations.
Retail sales increased 0.3% in November, beating Dow Jones' projections of a slight decrease of 0.1%. That's good news for retailers heading into the home stretch of 2023 with Christmas shopping fueling further activity.
Consumer spending remains strong heading into the holidays, with the exception of a few items. Excluding automobile and gas purchases, retail sales soared by 0.6%. Excluding auto purchases, the figure was 0.2.
