Retail sales in the U.S. increased by more than expected in the month of November, according to a report released by the Commerce Department on Tuesday, with auto sales once again leading the way higher.
The report said retail sales grew by 0.7 percent in November after climbing by an upwardly revised 0.5 percent in October.
Economists had expected retail sales to rise by 0.5 percent compared to the 0.4 percent increase originally reported for the previous month.
Excluding a jump in sales by motor vehicles and parts dealers, retail sales edged up by 0.2 percent in November, matching the revised growth in the previous month.
Ex-auto sales were expected to climb by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month.
At 9:15 am ET, the Federal Reserve is scheduled to release its report on industrial production in the month of November. Industrial production is expected to rise by 0.3 percent in November after dipping by 0.3 percent in October.
The National Association of Home Builders is due to release its report on homebuilder confidence in the month of December at 10 am ET. The housing market index is expected to inch up to 47 in December after climbing to 46 in November.
Also at 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of October. Business inventories are expected to edge up by 0.1 percent in October, matching the uptick seen in September.
The Treasury Department is due to announce the results of this month’s auction of $13 billion worth of twenty-year bonds at 1 pm ET.