Dec
28

Retail Sales Rise a Solid 0.8% in November

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– NumberNomics

As we approach Christmas we find clear cut evidence that the economy is finally gathering momentum. While there have been many pieces of good news lately, one that stands out is the retail sales report that was released this past Tuesday. Not only did sales rise a solid 0.8% in November, but there were upward revisions to September and October as well. Indeed, in the past three months retail sales have been growing at a torrid 13.9% pace. It doesn’t ever get much faster than that. In addition, the cut in the payroll tax, which will be a part of the budget package passed by Congress before Christmas, will add about 0.5% to GDP growth next year.

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