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1/16, 5:42 PM (Source: TeleTrader)
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US holiday retail sales rose 4.1% in 2019

The National Retail Federation (NRF) said in its report on Thursday that retail sales during the holiday season in the United States added 4.1% annually, which is at the higher end of the range seen in October. The total value of goods sold in retail in this period was $730.2 billion, excluding the restaurant industry, fuel and cars. Online and other non-store purchases surged 14.6% to $167.8 billion, the report noted, while electronics and appliance stores lost 2%.

Month-on-month increase in December was 0.5%, adjusted for seasonal changes. The sales jumped 6.7% on an unadjusted basis, compared to December 2018. In the holiday season of 2018, retail sales were up by 2.1% year-over-year, but slightly down in December only, due to government shutdown, interest rate hikes and stock market uncertainty, according to the trade group.

"Despite a late Thanksgiving and worries about tariffs, the consumer didn’t go away. We’ve had months of strong employment numbers, high wages and strong household balance sheets. There’s no doubt that gave consumers a sense of confidence about their ability to spend, and they did their part to keep the economy moving," said Jack Kleinhenz, Chief Economist at NRF.

Breaking the News / NI