By Jeffry Bartash
WASHINGTON (MarketWatch) - U.S. retail sales rose in November for the fifth straight month as consumers spent more money on gas, clothes, hobby items and online goods. Retail sales expanded last month by 0.8% overall, or by 1.2% excluding the volatile automotive sector, the Commerce Department reported Tuesday. Economists surveyed by MarketWatch had forecast total sales to rise by 0.6%, or by 0.7% minus the automotive segment. Auto sales often swing sharply from month to month and can mask underlying retail trends. Retail sales in October, meanwhile, were revised up to 1.7% from an original reading of 1.2%. And September retail sales were revised up to 0.9% from 0.7%. Over the past three months retail sales have risen at a 7.8% annual pace. Retail sales are closely watched for signs of whether the economy is growing or shrinking. Consumer spending is the largest contributor to the nation's economy, so the five-month streak of higher sales has eased concerns that the U.S. will slip back into recession.
