Knoxville — Retail sales rose nine-tenths of a percent in November, according to the United States Commerce Department.
UT economist Matt Murray said that’s good news for retailers in Tennessee.
“November has historically been a big month for consumer purchases of Christmas gifts, and we’ve had a strong November,” Murray said.
According to Murray, holiday sales played a big part in November’s economic growth, but other factors contributed.
“I think the growth is predicated on the underlying fundamental strength of the national economy, the continued growth in jobs and incomes, and the continued run-up in the stock market.”
Economic growth forecasts for November were around five-tenths of a percent.