NEW YORK (CNN/Money) - Retail sales rose in the United States in December, the government said Thursday, but missed analysts' forecasts for the month.
The Commerce Department said retail sales rose 0.5 percent after surging a revised 1.2 percent in November. Excluding volatile automobile sales, retail sales rose 0.1 percent after rising 0.7 percent in November.
Economists, on average, expected sales to rise 0.8 percent and sales excluding autos to rise 0.4 percent, according to Briefing.com.
Sales in December were fueled in part by automobile and parts purchases, which grew 1.6 percent after a 3.0 percent gain in November. Separately, non-store catalog and Internet sellers posted a 2.1 percent gain.
Other sectors saw modest gains. Sales at electronics and appliance stores rose 0.4 percent, sporting goods, books and music store sales rose 0.8 percent, while clothing sales eked out just a 0.1 percent rise.
Sales at gasoline stations declined 0.4 percent, while food and beverage sales also saw a 0.7 percent slip.
"December's performance was mixed although we had already picked up from retailers through the holidays," said Michael Niemira, chief economist with the International Council of Shopping Centers (ICSC).
Added Niemira, "November's upward revision probably mitigates the miss in December but I think the total year-over-year sales comparison might be a better barometer."
Total retail sales in 2003 rose 5.6 percent, compared to a 3 percent gain the year before.
-- from staff and wire reports
|