By Joe Richter
Dec. 13 (Bloomberg) -- Retail sales in the U.S. rose for the first time since July as shoppers took advantage of early holiday discounts, increasing the odds the economy will withstand the slump in housing.
Sales jumped 1.0 percent last month, more than forecast, after a revised 0.1 percent drop in October that was less than previously estimated, the Commerce Department said today in Washington. Purchases excluding motor vehicles rose 1.1 percent, the most since January.Consumers, buoyed by an expanding labor market and rising wages, are keeping the economy growing at the moderate pace predicted by the Federal Reserve. Consumption accounts for about 70 percent of gross domestic product, dwarfing real estate and manufacturing. The dollar rallied and bond yields climbed.
``The consumer appears to be riding to the rescue, just when it appeared that housing and manufacturing would steal the economy's holiday joy,'' said Stephen Stanley, chief economist at RBS Greenwich Capital in Greenwich, Connecticut. ``Feels like the fourth quarter may not be so weak after all, even with the twin drags of autos and housing.''
The yield on the benchmark 10-year Treasury note increased 6 basis points to 4.55 percent as of 11:01 a.m. in New York. The dollar strengthened to $1.3236 per euro, from $1.3284 late yesterday.
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