Investing.com - Retail sales in the U.S. rose less than expected in November, dampening optimism about consumer spending being able to push economic growth during the fourth quarter, official data showed on Wednesday.
In a report, the U.S. Commerce Department said that retail sales rose 0.1% in November from the prior month, compared to expectations for a 0.3% increase. October retail sales increased 0.6%, whose figure was revised from an initial 0.8% rise.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, increased by a seasonally adjusted 0.2% in November, compared to forecasts for an advance of 0.4%. Core sales in October were revised to a 0.6% advance from the prior 0.8% gain.
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.
After the report, which was released simultaneously with producer prices, EUR/USD was trading at 1.0652 from around 1.0645 ahead of the release of the data, GBP/USD was at 1.2705, compared to 1.2696 previously, while USD/JPY was at 114.85 from 114.94 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.81, compared to 100.88 ahead of the report.
Meanwhile, U.S. stock futures traded mixed ahead of the market open. The Dow futures slipped 0.08%, the S&P 500 futures dropped 0.07%, while the Nasdaq 100 futures inched up 0.04%.
Elsewhere, in the commodities market, gold futures traded at $1,163.85 a troy ounce, compared to $1,162.15 ahead of the data, while crude oil traded unchanged at $52.04.