Holiday Sales Top Expectations; Strongest Since Recession
Retail sales for Nov. and Dec. increased 5.5% from 2016 to $691.9 billion excluding restaurants, automobile dealers and gasoline stations, according to the NRF, led by e-commerce and other non-store sales that jumped 11.5% to $138.4 billion. A combination of low unemployment, increasing wages and a rising stock market drove stronger consumer confidence and willingness to spend. The results, derived from U.S. Census Bureau reports, exceeded the NRF’s earlier forecast for growth of between 3.6% and 4.0%, and was the strongest year-over-year gain since 2010 when Holiday sales rebounded 5.2% at the end of the recession.
Sporting goods did not fare ... Log in to view full article.