The American love affair with shopping is seen as the booster for the U.S. economy as the country ends 2014 on a high note.

Among the indicators that the cash registers of many businesses in the United States are busy ringing is the report on total retail sales which registered a 0.7 percent growth because of the start of holiday shopping.

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While survey data initially hinted weak Black Friday sales, according to retail trade groups, consumers actually spent more not only during the Thanksgiving week but by shopping during the entire November, New York Times reports.

Analysts foresee the positive retail experience continuing next year. Bank of Tokyo-Mitsubishi chief financial economist Chris Rupkey told Bloomberg, "We could have a blowout period for consumer spending in December, which gives the economy momentum going into 2015."

Rupkey noted that the oil glut is also a positive thing, there is solid growth in job generation and the U.S. economy is picking up speed.

Outside the retail sector, the survey of nonmanufacturing companies made by the Institute for Supply Management showed good results. There were also positive reports on car sales, construction spending, salary growth and employment generation. The only sector with disappointing results was factory orders.

In the stock market, the Standard & Poor's 500 Index went up 0.5 percent to 2,035.33 at the close of trading day in New York, while the S&P 500 Retailing Industry Group Index logged its biggest gain in December with a 1 percent hike.

Meanwhile, the Labor Department report released on Friday said that the number of applications for unemployment insurance benefits went down by 3,000 on December 6 to 294,000.

Lastly, gasoline prices went down by an average of US$2.62 per gallon as of December 10. The decrease is more than US$1 at the peak of gasoline prices in April, according to AAA, the largest auto group in the U.S.

Tagsretail, US economy