MAGAnomics – The first round of economic results from 2017 holiday sales are coming in and the results are incredible. Total holiday sales from November and December increased 5.5% over the prior year, that’s a massive jump.
Keep in mind, two-thirds of GDP is attached to consumer spending. The spending jump to $692 billion will increase fourth quarter GDP growth when calculated.
(Via CNBC) Holiday sales jumped 5.5 percent compared with last year, marking the largest jump seen since the end of the Great Recession, the National Retail Federation said Friday.
Total sales for November and December were $691.9 billion, exceeding the industry trade group’s forecast of between $678.75 billion and $682 billion, which would have been an increase of between 3.6 and 4 percent.
“We knew going in that retailers were going to have a good holiday season but the results are even better than anything we could have hoped for,” NRF President and CEO Matthew Shay said.
Economists and advisors had expected robust spending across the board due to strong employment and consumer confidence. However, many questioned exactly where that increased spending would go.
Over the holidays, the strongest performers were building materials and supply stores (8.1 percent growth ), furniture (7.5 percent growth) and electronics (6.7 percent growth). Clothing/accessories and health/personal care clocked in weaker growth, up 2.7 percent and 2.2 percent, respectively. (read more)