US Retail Sales Rise in November
12/16/2014 7:00 am EST
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