U.S. Consumers Couldn’t Keep Up Their Surprise Streak in December | Global News Avenue

U.S. consumers posted retail sales that topped economists’ forecasts for six months in a row, but continued to show willingness to spend during the holidays.

Census Bureau data show retail sales Last month’s total was $729.2 billion, up 0.4% Performance increased in Novemberwas also raised. Economists surveyed wall street journal and Dow Jones Newswires A stronger result of 0.5% is expected.

Although not as strong as expected, economists said the results still reflected a healthy economic outlook and pointed to strong performance in certain sales categories. “Control Sales” where factors gross domestic product The calculation results exceeded expectations. Economists said this suggested economic growth would remain unchanged in the fourth quarter.

“This tells us that consumers are healthy and confident, and for an economy where about two-thirds of GDP is driven by consumer spending,” said Bret Kenwell, US investment analyst at eToro. These are two important observations.”

Holiday sales may exceed expectations

Miscellaneous stores, sporting goods sellers and furniture dealers lead the final month of the holiday sales season. Sales of construction materials, restaurants and bars were lower.

Overall, the data also showed retailers beat Holiday Sales ForecastEconomists at Wells Fargo calculated that holiday sales rose 4.1% year over year, higher than their forecast for 3.3% holiday sales growth.

Wells Fargo economists Tim Quinlan, Shannon Grein and Jeremiah Kohl wrote: “Combined with the upward revision to November sales, the data shows holiday sales in 2024 are slightly below the long-term average, suggesting that this is a good time for retailers. A nice holiday sales season.”