In November, retail sales in the United States increased 0.3% to $705.7 billion

Retail sales are up 4.1% year on year.

According to preliminary numbers issued Thursday by the Commerce Department, retail sales in the United States increased 0.3% to $705.7 billion in November.

The market expected a 0.1% decline, while the October figure was updated to $703.7 billion, representing a 0.2% decrease.

When compared to the same month last year, retail sales increased by 4.1% in November.

“Total sales for the period September 2023 through November 2023 were up 3.4 percent from the same period a year ago,” the Commerce Department stated in a statement.

The rise in monthly and annual numbers indicates that consumer demand in the world’s largest economy remains strong.