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U.S. retail sales rise 0.2% in December, core sales up 0.7%

Published 01/14/2014, 08:32 AM
U.S. retail sales beat expectations in December
EUR/USD
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Investing.com - Retail sales in the U.S. increased more-than-expected in December, while core sales also topped forecasts, official data showed on Tuesday.

In a report, the U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.2% last month, beating expectations for a 0.1% increase. Retail sales for November were revised down to a 0.4% gain from a previously reported increase of 0.7%.

Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.

Core retail sales, which exclude automobile sales, edged up 0.7% last month, above forecasts for a 0.4% increase. Core sales rose by 0.1% in November.

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.

Following the release of the data, the U.S. dollar turned higher against the euro, with EUR/USD inching down 0.06% to trade at 1.3664, compared to 1.3674 ahead of the data.

Meanwhile, U.S. stock index futures pointed to a higher open. The Dow Jones Industrial Average futures pointed to a gain of 0.24%, S&P 500 futures indicated a rise of 0.25%, while the Nasdaq 100 futures signaled an increase of 0.3%.

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