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Holiday sales met NRF expectations
Despite severe winter weather travails during the holiday shopping season, the National Retail Federation reported that December retail sales didn’t take the hit that many feared.
In fact, taking advantage of heavy promotions and last-minute deals, shoppers were able to move the December retail sales needle up 0.4% month-to-month, excluding automobiles, gas stations and restaurants, and up 4.6% year-over-year.
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U.S. retail sales, excluding autos, up solid 0.7% in December
New York -- Overall retail sales rose 0.2% last month, the Commerce Department said on Tuesday. Economists surveyed by Dow Jones Newswires had forecast a 0.1% increase. Excluding autos however, December retail sales were up a solid 0.7%.
Auto sales fell 1.8%, dragging down broader figures, a reflection of bad weather and calendar quirks than the start of a new trend. Retail spending figures for prior months were revised down to a 0.5% increase in October and a 0.4% rise in November.