Nov retail sales +0.2% vs +0.1% expected by.>

US DATA: Nov retail sales +0.2% vs +0.1% expected by analysts, but well 

below the +0.9% expected by markets, ex-mtr veh +0.2% vs +0.1% expected. 

- There is significant underlying strength to be found in the report 

beneath the expected gas station decline and weak autos gain, 

particularly for nonstore retailer than got a lift from only shopping 

on Black Friday. Additionally, Oct sales were rev up to +1.1% vs +0.8% 

prev to offset a small downward revision in Sept. 

- Vehicle sales +0.2% after +1.5% in Oct, while gas station sales -2.3%. 

Ex. gas, sales would have been +0.5%. Looking deeper, Nov sales ex. mtr 

veh and gas +0.5% and +0.9% ex auto, bldg mat, gas and food services, 

showing a report that is stronger than the headline figure.

- Building materials sales -0.3%, while food services -0.5%, but the 

remaining categories were all higher except clothing stores, with strong 

gains in the furniture (+1.2%) and electronics (+1.4%) categories.

 - Q4 retail sales were +4.3% vs the Q3 average at an annual rate. 

Ex. mtr veh, retail sales were +3.9% vs the Q3 average, and were +4.6% 

ex. autos, bldg materials, gas, and food services, suggesting solid 

PCE growth to end the year.