Retail sales rose at healthy pace last month in latest sign of US economy’s health

AP Business Writers

WASHINGTON (AP) — Consumers stepped up their spending at retail stores last month, providing a boost to the economy in the early phases of the winter holiday shopping season. The Commerce Department said Tuesday that retail sales rose 0.7% in November. That’s a solid increase and higher than October’s 0.5% gain. The boost in spending underscores that the economy is still growing at a healthy pace even with higher interest rates. It’s a trend that could cause the Federal Reserve to lower borrowing costs more slowly next year than they have previously signaled. Tuesday’s report arrives just a day before the Fed is set to announce its latest rate decision Wednesday.