Dec 14, 2010

Strong kickoff to holiday shopping seasonBy Parija KavilanzMoney.CNN.com

New York — Retail sales were solidly higher in November, the government reported Tuesday, fueled in part by deep discounting on holiday merchandise.

The sales were so strong that the leading retail industry group boosted its forecast for the holiday season by a full percentage point.

The Commerce Department said total retail sales rose 0.8% last month.

Economists surveyed by Briefing.com on average had forecast an increase of 0.5% for November, compared to a revised 1.7% jump in sales the prior month. October sales were originally reported to have increased 1.2%.

Sales excluding autos and auto parts rose 1.2%, compared to a revised 0.8% gain in ex-auto sales in October. Ex-auto sales were originally reported to have increased 0.4%.

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