US retail sales last month grew slightly above estimates

ANKARA

US retail sales rose 0.7% month-on-month to $724.6 billion in November, slightly exceeding expectations of a 0.6% gain, according to advance figures released on Tuesday.

The figure accelerated from an upwardly revised 0.5% rise in October.

The largest monthly hikes were seen in sales at motor vehicles and parts dealers with 2.6% and non-store retailers with 1.8%.

In contrast, sales fell the most at miscellaneous store retailers with 3.5% in November.

On an annual basis, retail sales rose 3.8% in November.

"Total sales for the September through November period were up 2.9% from the same period a year ago," the Commerce Department said in a statement.

The gains indicate that consumer demand remains high in the world's largest economy.

Meanwhile, industrial production in the US unexpectedly dropped 0.1% from the prior month in November, bucking market expectations of a 0.2% hike.