Bloomberg had a consensus estimate for a rise of 0.6%. Excluding automobile and auto parts sales, the sales total was flat month-over-month, as analysts had expected. Auto sales rose 1.4% from October and 5.4% year-over-year.
The largest year-on-year gain came in nonstore retail sales, which rose 3% from October’s total and 11.1% from November 2011. Sales of sporting goods, hobby, book and music stores rose 7.1% year-over-year.
General merchandise sales fell 0.9% from October totals and 2.7% from November 2011 totals. Sales at electronics and appliances stores fell 1% year-over-year, but rose 2.5% from October.
Gasoline sales were down 4% month-over-month, which is likely a combined effect from lower sales due to Hurricane Sandy and lower prices for gasoline across the United States. That gave consumers the opportunity to spend more on other items.
The sharp increase in nonstore sales indicates a rising trend for consumers to shop online, a good sign for e-commerce retailers for the rest of this holiday shopping season. Provided, of course, that all sales were not pulled forward due to heavy promotional pricing.
Paul Ausick
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.