ARLINGTON, Va.—Total retail sales rose 0.2% in November following strong gains in October.
NAFCU Research Assistant Yun Cohen said the overall sales figure was "dragged down by a sharp decline in gasoline prices."
"Excluding gas stations, retail sales rose a healthy 0.5% during the month," she noted in a NAFCU Macro Data Flash report. Auto and gas sales decreased 0.5% in November.
According to the Census Bureau, October's sales growth was revised upward from 0.8% to 1.1%; September's sales were revised downward from a 0.1 decline to a 0.2% decline.
Results among the major retail segments were mixed in November. Nonstore retailers had the largest gains with an increase of 2.3% for the month – their largest monthly gains in a year – followed by electronics stores (+1.4%), furniture stores (+1.2%) and pharmacies (+0.9%). Meanwhile, sales at gas stations decreased 2.3%, followed by restaurants (-0.5%), building material stores (-0.3%) and apparel stores (-0.2%), Cohen said.
"The outlook for consumer spending remains stable in light of a strong labor market and elevated consumer confidence," Cohen said.