US retail sales jump more than forecast in broad advance

Washington: US retail sales rose more than forecast in November and the previous month was revised higher, indicating a broad strengthening of consumer demand as the holiday shopping season got under way, according to Commerce Department figures released Thursday.

The firm advance along with the October revision bodes well for consumer spending, the biggest part of the economy. Solid hiring, gains in stock prices and property values, and limited inflation are expected to sustain household demand in the final stretch of this year following two quarters of above-3 per cent economic growth.

Sales in the retail control group increased at a three-month annualised pace of 6.6 per cent, the most since June 2014.

Economists usually look at November-December sales together to assess performance during the holiday shopping period. Early accounts of the Thanksgiving weekend — the traditional start to the season — had suggested consumers were willing to spend more, though brick-and-mortar stores failed to boost customer traffic while online shopping stayed popular.