Sales up less than forecast in November

Sales at U.S. retailers rose less than forecast in November, representing a pause in spending after robust gains in the previous two months.

The 0.1 percent advance followed a revised 0.6 percent increase in the month before that was smaller than initially reported, Commerce Department data showed Wednesday.

The figures interrupt a trend of solid spending by consumers, who remain a mainstay of the economy in the wake of two million hires this year and gradual wage gains. National surveys conducted before the Nov. 8 presidential election showed Americans more upbeat about their finances than at any time in 11 years, and prevalent discounting also may benefit retailers this holiday-shopping season.

'The fundamentals of the household sector are still in pretty good shape,” said Scott Brown, chief economist for Raymond James Financial Inc. in St. Petersburg, Fla. 'The anecdotal information suggests that consumers are out there spending, even though they're very much looking for discounts. That's been a long-term story.”

Purchases increased 5.3 percent from a year earlier on an unadjusted basis, the biggest 12-month gain since February.

Nine of 13 major retail categories showed gains in November, led by restaurants and furniture stores, the Commerce Department report showed.

Retail sales excluding automobiles and service stations increased 0.2 percent. Automobile dealers' sales dropped 0.5 percent, the biggest decrease since March and erasing the prior month's increase.

Receipts at gasoline stations rose 0.3 percent from a month earlier. Purchases at furniture outlets climbed 0.7 percent after a 0.5 percent decrease the previous month.