Analysts at Westpac point out that US retail sales lifted in November, rising 0.8% following a 0.4% gain in October and part of the November increase was due to higher energy prices, with gasoline sales up 2.8%.
“Growth in core sales was more modest but still solid at 0.4%. Annual growth in core sales stands at 5.0%yr, up from 3.5%yr a year ago.”
“Conditions are supportive of continued robust growth in spending, given strong employment growth and high levels of confidence. Further, anecdotes from the Christmas period have been positive, albeit mixed by store type.”
“All told, we look for a 0.5% gain in headline sales and a slightly stronger outcome for the core series. Auto sales are likely to be a hindrance at the margin, while gasoline prices should have little to no impact in the month.”
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