02:21 PM EST, 12/17/2024 (MT Newswires) -- Retail sales rose by 0.7% in November, above expectations, and were up 0.2% excluding a 2.6% gain in auto sales, less than expected.

Gasoline prices rose by 0.1% and building materials sales rose by 0.4%, but sales at food services and drinking places declined by 0.4%.

Control group retail sales, which exclude motor vehicles, gas, building materials, and food services, rose by 0.4% after a 0.1% drop in October.

November industrial production fell by 0.1% after a downwardly revised 0.4% decline in October, with manufacturing production up 0.2% overall but down 0.1% excluding a 3.5% rebound in motor vehicle and parts production.

Utilities output fell by 1.3%, reversing a 1.3% gain in the previous month, while mining production declined by 0.9% after a 0.1% drop in the previous month.

Business inventories rose by 0.1% in October, as expected, and followed a flat reading in September. Business sales were flat, reflecting an increase in retail sales that was offset by declines at the wholesale and factory levels.

The New York Federal Reserve's monthly business leaders index, a measure of services conditions, fell to minus 5.2 in December from minus 0.5 in November, indicating a faster pace of contraction. Other services data will be released over the coming weeks.

The National Association of Home Builders Housing Market Index held steady at 46 in December was up solidly from a reading of 37 a year ago. NAHB said that elevated home prices and expectations of little change in mortgage rates offset the possibility of a better regulatory environment under the Trump administration.

Redbook reported that US same-store retail sales were up 4.8% year-over-year in the week ended Dec. 14, larger than a 4.2% gain in the prior week due to strong online shopping, though department store sales remained soft. Retailers expect procrastinating shoppers to quickly lift activity before the holidays.

The Q4 GDPnow estimate from the Atlanta Fed is for a 3.1% gain, revised down from a 3.3% gain reported on Dec. 9. The next update is scheduled for Wednesday.