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Retail sales lackluster
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December 11, 1997: 9:08 a.m. ET
November's 0.2 percent rise shows inflation at bay; jobless claims fall
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NEW YORK (CNNfn) - Retail sales just prior to the all-important holiday shopping season increased at only a moderate clip in November.
Retail sales rose 0.2 percent to $213.8 billion last month, the Commerce Department said. Economists had forecast an increase of as much as 0.5 percent. Excluding automobiles, sales rose 0.2 percent.
Separately, the Labor Department reported initial jobless claims fell by 13,000 to 311,000 for the week ended Dec. 6. Economists had expected a rise of 5,000.
The reports were greeted by bond investors who viewed the latest figures as a signal that inflation remains at bay. The benchmark 30-year Treasury bond rallied 18/32 in price, pushing the yield down to 6.02 percent.
Still, some analysts said the early picture won't translate into an economic slowdown.
"The early November period was rather sluggish but the good news is that the Thanksgiving weekend was superb and that really set the momentum for the holiday season," said Steve Kernkraut, retail analyst at Bear Stearns.
Indeed, apparel sales rose 1.2 percent to $9.89 billion, the Commerce Department reported. General merchandise store sales edged up 0.1 percent to $28 billion.
"I think you're seeing strength in the department stores, but more so than just the department stores, the specialty apparel stores that have a more focused brand," Kernkraut said.
-- by staff writer Robert Liu
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Commerce Department
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