Tuesday, December 13, 2011

Retail Sales Growth Moderated In November

Retail sales grew by just 0.2% in November, the slowest rate since June, according to a Census Bureau report released this morning. Despite the slow-down, growth has been strong in the past few months. Both September and October growth were revised to strong levels of 1.3% and 0.6% respectively.

Growth was less widespread in November than recent months with only electronics and nonstore retailers posting better than 1% growth. Electronics stores were the biggest winners in November posting growth of 2.1%. Building supply stores, food and beverage, and restaurant sales all turned negative after posting growth last month.

Year-over-year growth has now fallen to 6.7%, the lowest level since August 2010. This year-over-year growth is being led by nonstore retailers. Gasoline sales have also improved significantly over the year, but will deteriorate as gasoline prices were rising quickly at this time last year. Department stores are the only major segment reporting sales below their year-ago level in November.

Read the report.

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