US retail sales rose in November despite expected decline

U.S. retail sales rose 0.3% in November compared to the previous month, the Commerce Department said Thursday, despite the Dow Jones estimate that sales would decline by 0.1%. 

The 0.3% estimated increase in U.S. retail and food service sales outpaced inflation from October to November, which was 0.1%. The retail sales are also up 4.1% when compared to the same time last year, the department said, which is still above the inflation rate of 3.1% from November 2022 to November 2023.

The agency also released revised numbers showing that retail sales from September 2023 to October 2023 declined by 0.2%, rather than 0.1% as previously stated.  

The new retail sales numbers are higher than the decrease of 0.1% that Dow Jones had estimated, according to CNBC.

The rise in sales may be partially due to slightly lower gasoline prices compared to the same time last year, which frees up money to use in other places, as well as discounts being offered ahead of the holiday season, according to Reuters. 

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