US retail sales leap past expectations

American consumers went on a spending spree in November, lifting US retail sales 1.2 percent for the month, the Commerce Department said Thursday.
The gain was much bigger than the 0.6 percent increase expected by Wall Street analysts as consumers revved up shopping ahead of the Christmas season.
Excluding auto sales, the rise in retail spending was 1.8 percent, the report showed.
The rise in overall retail sales was the biggest since May and excluding autos was the sharpest since January 2006.
The report contrasted with fears of a slowdown in consumer spending, which accounts for two-thirds of US economic activity.
In October, the headline index rose 0.2 percent with sales excluding autos up a revised 0.4 percent.
Some analysts had expected consumer spending to be crimped by the horrific slump in the housing market and a squeeze in credit as banks retrench in the face of steep losses on mortgage investments.