Consumers stepped up their spending at retail stores last month, providing a boost to the economy in the early phases of the winter holiday shopping season, according to the Associated Press.
Retail sales rose 0.7% in November, the Commerce Department said today, a solid increase and higher than October’s 0.5% gain. The boost in spending underscores that the economy is still growing at a healthy pace even with higher interest rates, a trend that could cause the Federal Reserve to lower borrowing costs more slowly next year than they have previously signaled.
The Fed will announce its latest rate decision Wednesday.
