UNITED STATES – Retail sales in November saw a significant increase, according to the Commerce Department. Consumers spent 0.7% more last month, surpassing the 0.5% sales gains recorded in October. This rise in spending is providing an early boost to the holiday shopping season.
The growth in retail sales indicates that the economy continues to expand at a healthy pace. This trend may influence the Federal Reserve’s upcoming decision on whether to cut interest rates again.
The decision from the Federal Reserve is expected on Wednesday. The economy grew at nearly a 3% annual pace during the July-September quarter, and economists predict another solid gain in the final months of 2024.
Despite some signs of sluggishness in the job market, the unemployment rate remains low at 4.2%.