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US retail sales slow in November

US retail sales slow in November
Weak data suggests Americans started holiday shopping in October; high inflation continues to be major problem

By Ovunc Kutlu

ANKARA (AA) - US retail sales slowed in November after showing strong gains during the previous month and was below market expectation, according to figures released Wednesday by the Commerce Department.

Retail sales came in at $639.8 billion, up only 0.3% from the previous month's revised figure of $638.2 billion.

While the market expectation was a 0.8% increase, the figure in October was revised up from 1.7% to 1.8%.

The annual increase was 18.2% from the same month in 2020.

"Gasoline stations were up 52.3% from November 2020, while food services and drinking places were up 37.4% from last year," the agency’s Census Bureau said in a statement.

They were followed by clothing and accessories stores with an annual increase of 34.8%.

The weak figure suggests that most Americans started holiday season shopping in October, while persistent high inflation continues to be a major problem for the US economy.

The Consumer Price Index rose 6.8% in November, the largest 12-month increase since June 1982, according to Labor Department.



source: News Feed
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