U.S. retail sales in the holiday period rose at their best pace since 2011, according to Mastercard SpendingPulse, which tracks both online and in-store spending. Sales, excluding automobiles, rose 4.9 percent from November 1 through Christmas Eve, compared with a 3.7 percent gain in the same period last year. E-commerce continued to drive the gains, rising 18.1 percent.
Consumer credit-card debt reached its highest level since the end of 2008. It jumped 11 percent from a year earlier to $757 billion in the third quarter of 2017, according to Experian PLC, a credit-reporting agency.
This has meant Christmas cheer for retail stocks, too. Shares of Macy’s and Gap, for example, have jumped 24 percent and 18 percent, respectively, in the past month, compared with a 3 percent gain in the S&P 500. Wal-Mart has rallied 40 percent on the year and, like online nemesis Amazon.com, is trading near all-time highs.
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