U.S. retail sales last month rose more than expected as gasoline sales offset declining car and building materials sales.
Retail and food services sales climbed to $431.9 billion, an increase of 0.2 percent from the previous month and a 4.1 percent gain over December 2012, the Commerce Department said Tuesday.
Gasoline sales rose by 1.6 percent, month over month, while auto sales declined by 1.8 percent and building materials sales slipped by 0.4 percent.
“Overall, this report supports our view that a 4 percent annualized rise in real consumption will help to generate a decent 3 percent gain in overall (gross domestic product) in the fourth quarter of last year,” said Paul Dales, senior U.S. economist for London-based Capital Economics.
“That would provide a good platform for this year.”
In addition, furniture sales declined by 0.4 percent while electronic sales fell by 2.5 percent for a second consecutive month. But the drop was mitigated by a second strong 1.4 percent rise in online sales.
During the winter months leisure goods fell by 0.6 percent but a 1.8 percent rise in clothing sales offset the loss as people bought warm gear.
“Weather aside, if we’re right in thinking that the underlying trend in jobs growth is still improving, households will continue to spend more freely in 2014,” Dales said.
US Retail Sales Last Month Up More Than Expected On Increased Gasoline Purchases
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