U.S. retail sales increased less than expected in November as Americans cut back...
WASHINGTON, - U.S. retail sales increased less than expected in November as Americans cut back on discretionary spending, which could see economists dialing back economic growth forecasts for the fourth quarter.
Economists polled by Reuters had forecast retail sales would accelerate 0.5% in November. Compared to November last year, retail sales increased 3.3%. The economy expanded at a 2.1% pace in the July-September period. Last month’s small increase in core retail sales could see economists lower their GDP growth estimates for the fourth quarter, which are currently converging around a rate of 1.8%.
The government reported last week that the economy created 266,000 jobs in November and the unemployment rate fell back to 3.5%, its lowest level in nearly half a century.
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