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Total retail sales rose 0.8 percent in November, beating expectations as the holiday shopping season picked up, according to NAFCU Research Assistant Yun Cohen. Cohen also noted widespread gains in the major retail sectors; vehicle dealers were the only segment to post a decline.

"Gas stations led the way, supported by a sharp rise in gas prices," she said in a NAFCU Macro Data Flash report Thursday. "Auto dealers reported a decline as vehicle sales decreased. However, the drop was less than expected."

Data published by the Census Bureau showed that October's sales growth was revised up from 0.2 percent to 0.5 percent, and September's was revised up again from 1.9 percent to 2 percent.

Core retail sales (excluding light vehicles and gasoline) rose 0.8 percent in November; auto and gas sales grew 0.7 percent.

Year-over-year growth in retail sales was 5.8 percent in November, up from 4.9 percent in October. Core retail sales increased 5 percent from a year ago, while auto and gas sales rose 7.9 percent.

"Within the core section, electronics stores and online stores saw strong demand as the holiday shopping season took off," Cohen said. "Building supply stores and furniture stores also posted strong gains, in part due to rebuilding activities related to recent disasters."

Consumer confidence reached the highest level in 17 years in November, according to The Conference Board. Cohen said she expects strong economic growth in the fourth quarter as a result of robust consumer spending.