Chart of the Week: Percent Change in Retail and Food Services Sales
Coinciding with other recent positive economic data reports, total US retail sales showed a year-over-year increase of a robust 5.1 percent. This is highlighted by a month-over-month rise of 0.7 percent in November, beating what many forecast to be only 0.4 percent. Positive retail sales are typically a good indication of consumer spending being on the rise, which accounts for over two thirds of GDP. And since November retail sales historically set the trend for what’s to come in December, oil prices continue to drop, and wage growth is slowly starting to gain strength, the US economy seems poised to have happy holidays ahead.