FX.co ★ Pre-Christmas US sales rise more than expected

According to the National Retail Federation (NRF), in the United States retail sales for November and December 2016 increased 4% compared to the same period in 2015 and totaled $658.3 bln.

The NRF forecast sales growth of 3.6%, to $655.8 bln. In 2015 retail sales rose 3%, the slowest pace since 2013.

According to Matthew Shay, the president and CEO of the National Retail Federation, slow but sustainable economic growth in the US gains pace and the Americans evaluate future positively. He says that retail sales reflect the economic situation and though some companies faced problems, the pre-Christmas period was successful.

In November and December the online retail sector and over-the-counter sales surged 12.6%, up to $122.9 bln. Experts had forecast sales to have been in the range of 7 to 10%.

There was a 2.5% increase in retail sales of clothes and accessories; a 4.8% jump in furniture and home products sales; and a 4.5% rise in sales of construction materials.

Meanwhile, sales of consumer electronics and household appliances dropped 2.3% and sports goods fell 1.7%.

Sales in grocery stores increased 3.6% annually, sales in supermarkets plummeted 7%.