US Retail Sales Rise in November

12/16/2014 7:00 am EST

Focus: COMMODITIES

Alfonso Esparaza

Senior Currency Strategist, OANDA

OANDA senior currency strategist Alfonso Esparza shares a post from CNBC outlining how US consumer spending advanced in November as lower gas prices gave the holiday season a boost and how the so-called retail sales correspond to the consumer spending component of the GDP.

US consumer spending advanced at a brisk clip in November as lower gasoline prices gave the holiday shopping season a boost, offering the latest sign of underlying momentum in the economy.

The Commerce Department said, on last Thursday, retail sales excluding automobiles, gasoline, building materials, and food services, increased 0.6% last month after an unrevised 0.5% rise in October.

The so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

Economists polled by Reuters had expected core retail sales to rise 0.4% last month.

By Alfonso Esparza,Senior Currency Strategist, OANDA

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