Retail Sales Rise for Fifth Straight Month

Washington, DC, Dec. 14, 2010 -- Retail sales rose 0.8% in November for the fifth straight month, the Commerce Department reported.

Sales for October and September were also revised higher to suggest an even stronger trend.

Economists had forecast retail sales to rise by 0.6% overall and by 0.7% with the automotive segment excluded.

Retail sales in October were revised higher to 1.7% from an original reading of 1.2%. And September’s retail sales were revised higher to 0.9% from 0.7%.

Over the past three months, retail sales have risen at a 7.8% annual pace.

Consumers cut back on purchases of autos, home furnishings and electronic goods and appliances.

Sales at auto dealers and parts stores fell 0.8%, while sales of home furnishings dropped 0.5% and electronic and appliance sales declined 0.6%.