Economy Watch: Retail Sales Surge in November

Bloomberg

USA retail sales rose more than economists expected in November as Americans increased spending at the start of the holiday shopping season, the Commerce Department reported Thursday.

There were $492.7 billion in retail and food service sales in November, up 0.8% from the previous month and 5.8% from November 2016, according to the U.S. Census Bureau. Sales at nonstore retailers grew 2.5% following October's 0.4% decline. Ex-auto sales had been expected to climb by 0.6%. Sales jumped 2.1 percent at electronics stores, the biggest gain since March, and 1.2 percent at furniture stores. Year on year, total retail sales rose 5.8 percent last month. Without vehicle sales, total retail sales would have been up for the month by a full 1 percent.

JPMorgan, Barclays Sign On for IBM Quantum Computing System
He added that there is no timescale for when IBM envisages that to happen, only that it is working on the next-generation system. It is aiming to establish regional hubs at universities across four continents to help research quantum computing.

"Consumer spending appears to have accelerated over the past few months, and we estimate that real consumption growth is on course for an annualized gain of almost 3% in the fourth quarter overall, up from 2.3% in the third quarter", said Andrew Hunter, US economist at Capital Economics.

For the year, all retail sales categories were positive.

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