December 13th, 2007
Retail sales surged last month, despite forecaster’s low estimates, after many retailers discounting holiday merchandise such as electronics, clothes and home-related goods gave merchants a solid start to this year’s holiday shopping season.
The U.S. Commerce Department said total sales rose 1.2 percent in November, up from a 0.2 percent gain in October. However, overall sales were boosted by a 6.8 percent increase in sales at gasoline stations. But even without the gas pump price surge, retail sales rose a solid 0.6 percent. Excluding gasoline and auto sales, core retail sales rose 1.1 percent last month, according to UBS economist Kevin Cummins. The government report showed sales at electronic retailers spiked 2.5 percent last month; clothing chains logged a 2.6 percent increase while department store sales also increased 1 percent.
Some information provided by www.cnn.com
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