The car sales in November increased only a bit, which isn't a good sign specialists say. Retail sales rose only 0.1 percent in November, after a downwardly-revised 0.6 percent growth in October.
Consumers bumped up their purchases at restaurants and furnishers last month. But they also trimmed spending at auto dealers and department stores, limiting the overall advance in retail sales. More Americans had seemed to enter the holiday season poised to shop. The improving job market has pushed unemployment down to 4.6 percent and prompted signs of accelerating wage growth. Over the past 11 months, retail sales have risen a solid 3.1 per cent compared to the same period in 2015. The greater retail sales helped support overall economic growth.
Higher gasoline prices last month prompted a 0.3 per cent boost in sales at service stations. Yet the retail sales report does point to a steady evolution of the U.S. economy. As average hourly earnings have picked up 2.5 percent over the past year, more Americans are comfortable eating out. Sales at restaurants and bars have risen 6 percent so far this year. Rising home sales in 2016 have also helped building materials stores and furnishers, which have seen their car sales advance 6.3 percent and 3.9 percent over the past 11 months.
