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Strong November Sales Kick Off Season
Dec 15, 2019 9:48 AM
By Rapaport News
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RAPAPORT... US retail sales rose in November as consumer sentiment was strong at the start of the holiday season, the National Retail Federation (NRF)
said.
Total purchases for November — excluding automobiles, gasoline and
restaurants — rose 0.1% compared to the previous month, according to
data the NRF published Friday. Sales climbed 2.1% year on year for the month, particularly impressive given the sharp growth in the same period a
year ago, when sales were up by an unusually strong 4.7%, NRF chief economist Jack
Kleinhenz explained.
“November showed modest growth on the surface, but you have
to remember that the late timing of Thanksgiving delayed the beginning of the
busiest portion of the holiday season and pushed Cyber Monday’s billions of
dollars of retail sales into December,” he said.
Consumer spending has been solid, backed by robust sentiment, Kleinhenz added, noting that US retail was on track for a strong
holiday season this year. December sales will likely improve on last year’s 0.2% drop as the late timing of Thanksgiving means a large proportion of transactions will occur during the month, he projected.
Imports at the US’s major retail container ports jumped an
estimated 8% year on year in November, as retailers stocked up ahead of the
last round of scheduled tariffs, which were scheduled to take effect December
15. However, the December tariffs may be called off, as the Trump
administration announced last week it had reached the first phase of a trade
deal with China.
“For the first time in months, the US and China are moving
in the right direction on tariffs,” said David French, NRF senior vice president for
government relations. “Tariffs create uncertainty and costs for
American retail supply chains, and the trade war won’t be over until they are
eliminated completely.”
Despite the impending levies, the NRF predicted total retail
sales for the two-month November-to-December holiday period would grow 3.8% to
4.2% to between $727.9 billion and $730.7 billion.
Image: A US mall at Christmastime. (Shutterstock)
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Tags:
cyber monday, David French, Jack Kleinhenz, National Retail Federation, NRF, Rapaport News, US retail sales
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