The government reported strong December retail sales, despite weak sales at retailers such as electronics stores.
NEW YORK (CNNMoney)
The report showed a 0.5% increase from November in overall sales, much better than the 0.2% rise in sales forecast by economists surveyed by Briefing.com. Much of the gain came from a 1.8% jump in sales at auto dealers, as automakers capped the best year for U.S. car sales in five years with a strong month.
Sales at retailers other than auto dealers and parts stores rose only 0.3% as, despite the holiday shopping period, shoppers did not flock to other stores to buy gifts, according to the report. Department store sales were up only 0.3%, and down 1.7% from December sales in 2011.
Related: Best car sales in five years
Sales at electronics and appliance stores dropped 0.6% from November. The only traditional gift retailers enjoying better than average gains were clothing stores, where sales rose 1%, and the catchall category of books, sporting goods, hobbies and music, which enjoyed a 0.6% rise. Even online retailers, represented by the nonstore category in the report, posted only a 0.5% rise.
Numerous other reports have suggested it was a relatively modest holiday shopping season. Chain stores reported a 2.3% rise at stores open at least a year, according to sales tracker Thomson Reuters. MasterCard's (MA, Fortune 500) SpendingPulse report said retail sales leading up to Christmas rose a paltry 0.7% from last year.
Retail sales are important for the overall economy as spending by consumers is responsible for more than two-thirds of the overall U.S. economy.
First Published: January 15, 2013: 9:05 AM ET
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