Investing.com - Retail sales in the U.S. increased more-than-expected in November, while core sales also topped forecasts, official data showed on Thursday.
In a report, the U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.7% in November, beating expectations for a 0.6% increase. Retail sales for October were revised up to a 0.6% gain from a previously reported increase of 0.4%.
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 0.4% last month, above forecasts for a 0.2% increase. Core sales rose by 0.5% in October.
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 held on to gains against the euro, with EUR/USD shedding 0.07% to trade at 1.3776.
Meanwhile, U.S. stock index futures pointed to a lower open. The Dow Jones Industrial Average futures pointed to a loss of 0.15%, S&P 500 futures indicated a drop of 0.1%, while the Nasdaq 100 futures signaled a decline of 0.1%.
In a report, the U.S. Commerce Department said that retail sales rose by a seasonally adjusted 0.7% in November, beating expectations for a 0.6% increase. Retail sales for October were revised up to a 0.6% gain from a previously reported increase of 0.4%.
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 0.4% last month, above forecasts for a 0.2% increase. Core sales rose by 0.5% in October.
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 held on to gains against the euro, with EUR/USD shedding 0.07% to trade at 1.3776.
Meanwhile, U.S. stock index futures pointed to a lower open. The Dow Jones Industrial Average futures pointed to a loss of 0.15%, S&P 500 futures indicated a drop of 0.1%, while the Nasdaq 100 futures signaled a decline of 0.1%.