U.S. Retail Sales Rise Much More Than Forecast in November By Investing.com

U.S. Retail Sales Rise Much More Than Forecast in November

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Investing.com - Retail sales in the U.S. rose for the third-straight month in November, underling optimism over the health of the economy and supporting the case for more interest rate hikes next year.

Retail sales increased by a seasonally adjusted 0.8% last month, according to the U.S. Commerce Department, easily surpassing expectations for a gain of 0.3%. Retail sales for October were revised to a gain of 0.5% from a previously reported 0.2% increase.

Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.

Core retail sales, which exclude automobile sales, jumped by a seasonally adjusted 1.0%, compared to forecasts for a gain of 0.7%. Core sales in October rose 0.4%, whose figure was revised from a previously reported gain of 0.1%.

Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.

USD/JPY was at 112.68 from around 112.60 ahead of the release of the data, EUR/USD was trading at 1.1837 from around 1.1845 earlier, while GBP/USD was at 1.3427 from 1.3435.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 93.39, compared to 93.34 ahead of the report.

Meanwhile, U.S. stock futures pointed to a slightly higher open. The blue-chip Dow futures tacked on 0.1%, the S&P 500 futures added 0.1%, while the tech-heavy Nasdaq 100 futures climbed 0.1%.

Elsewhere, in the commodities market, gold futures traded at $1,257.70 a troy ounce, compared to $1,259.10 ahead of the data, while crude oil traded at $56.34 a barrel from $56.33 earlier.

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US 30	34,242.7	-472.7	-1.36%
US 500	4,392.5	-90.2	-2.01%
Dow Jones	34,265.37	-450.02	-1.30%
S&P 500	4,397.93	-84.80	-1.89%
Nasdaq	13,768.9	-385.1	-2.72%
S&P 500 VIX	28.85	+3.26	+12.74%
Dollar Index	95.620	-0.105	-0.11%

Crude Oil WTI	84.84	-0.71	-0.83%
Brent Oil	87.74	-0.64	-0.72%
Natural Gas	3.961	+0.159	+4.18%
Gold	1,835.90	-6.70	-0.36%
Silver	24.355	-0.361	-1.46%
Copper	4.5205	-0.0620	-1.35%
US Soybeans	1,415.75	-9.25	-0.65%

SPDR S&P 500	437.98	-8.77	-1.96%
iShares Russell 2000	196.99	-3.76	-1.87%
Invesco QQQ Trust	351.69	-10.03	-2.77%
Direxion Daily Junior Gold Miners Bull 2X Shares	60.98	-3.87	-5.97%
iShares Silver	22.38	-0.24	-1.06%
ProShares Ultra VIX Short-Term Futures	17.20	+2.09	+13.83%
ProShares UltraPro QQQ	56.67	-5.21	-8.42%

Apple	162.41	-2.10	-1.28%
Alphabet A	2,607.03	-59.12	-2.22%
Tesla	943.90	-52.37	-5.26%
Amazon.com	2,852.86	-180.49	-5.95%
Netflix	397.50	-110.75	-21.79%
Meta Platforms	303.17	-13.39	-4.23%
Bank of America	44.92	-0.83	-1.81%

U.S. Retail Sales Rise Much More Than Forecast in November

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