(Filed Under Financial and General Interest News). Although unemployment remains at nearly 10 percent, consumer spending this November gave retailers hope of an economic recovery.
The U.S. Commerce Department said Tuesday that retail sales in November rose 0.8 percent from October, representing the highest level since 2007 and the fifth month of consecutive growth. Clothing and clothing accessory stores showed particular strength, posting a 4.6 percent sales’ increase from last November.
Gary Locke, the U.S. Commerce Secretary, said these gains show that consumer spending is continuing to grow. “Retail sales is one of the many positive economic indicators that confirm our economy is moving in the right direction,” he said in a statement.
Further evidence of this spending trend was that total sales from September to November rose 7.7 percent, The Commerce Department said.
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