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Retail sales up by most in 8 months

The Columbian
Published: December 11, 2014, 12:00am

WASHINGTON — Gains in wages and cheaper fuel gave American consumers the means to shop for more holiday gifts in November, propelling the biggest gain in retail sales in eight months and giving the economy a lift.

The 0.7 percent increase in purchases matched the highest estimate of economists surveyed by Bloomberg and followed a 0.5 percent advance in October that was larger than previously reported, Commerce Department figures showed Thursday in Washington. Demand improved in 11 of 13 major store categories.

A surge in hiring and the lowest gasoline prices in four years are giving households the wherewithal to sustain spending, which accounts for almost 70 percent of the economy. Rising confidence also has put Americans in the mood to shop during the holiday season, helping retailers such as Costco Wholesale and Gap beat analyst sales estimates.

Last month’s sales gain was the biggest since a 1.5 percent advance in March. The increases at building materials, clothing and department stores were the biggest since April.

The median forecast of 87 economists surveyed by Bloomberg called for a 0.4 percent advance. Estimates ranged from little changed to an increase of 0.7 percent. Retail sales for October were previously reported as a gain of 0.3 percent.

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