(Reuters) - U.S. retailers reported stronger-than-expected sales for November, as shoppers flocked to stores and spent more during the annual discount bonanza known as Black Friday.

Still, analysts cautioned that the discounting will need to continue in order to bring shoppers out in December, which could pressure margins.

Retailers as diverse as department store chain Macy's Inc (M.N), discounter Target (TGT.N) and teen clothier Abercrombie & Fitch (ANF.N) all reported far bigger-than-expected gains in sales at stores open at least year. Shares of many retailers rose.

The Thomson Reuters same-store sales index, based on 27 retailers reporting, showed an increase of 6 percent for November, compared with Wall Street's estimate of 3.6 percent.

The strong sales are the latest sign that the U.S. economic recovery is on track as consumer spending accounts for 70 percent of the economy.

"We're seeing the results of pent-up demand," said David Bassuk, a managing director at consulting firm AlixPartners. "There's no question this was extremely driven by discounts."

Also on Thursday, the Labor Department reported that a key measure of U.S. jobless claims fell to its lowest level in more than two years.

But for retail stocks to keep rising, shoppers need to keep spending and not be so reliant on specials.

"Ultimately, whether these stocks (up) is on the consumer's shoulders," said Wall Street Strategies analyst Brian Sozzi. "Consumers need to start adding leverage to their balance sheet" and spend more in nonholiday periods.

Shoppers were out in full force over Black Friday weekend, which follows the U.S. Thanksgiving and kicks off the holiday shopping season, which can account for a third of retailers' annual sales.

CAUTION ON DISCOUNTS

Macy's raised its holiday sales forecast, but analysts warned retailers not to get ahead of themselves. For one thing, Bassuk said, the discounts are likely to eat into profit margins.

Also, consumers are still grappling with a difficult economy.

"It hinges on whether the labor market continues to show improvement," said Ken Perkins, president of research firm Retail Metrics. "If that happens retailers will be in OK shape and not have to discount as much."

This week the S&P Retail Index .RLX hit its highest level since 2007 and is up 26 percent since August on hopes of improving earnings, leading some analysts to believe retailers' shares are at a plateau. The index gained 0.2 percent in early trading.

Over Black Friday weekend, retailers benefited as more people spent money on themselves and weather cooled after a mild October, when people delayed buying winter clothes.

One early disappointment was teen apparel chain Aeropostale Inc (ARO.N), which on Wednesday forecast a holiday-quarter profit below Wall Street expectations after posting a 1 percent decline in November same-store sales.

Black Friday kicked off the holiday season last weekend, bringing hordes of people to retailers like Wal-Mart Stores Inc (WMT.N), Best Buy Co (BBY.N) and Macy's Inc (M.N) before dawn with early-bird discounts. Wal-Mart and Best Buy do not report monthly sales.

The National Retail Federation forecast a gain of 2.3 percent in retail sales for the November-December holiday period, excluding online sales, following a 1.1 percent increase in 2009 and a 3.4 percent decline in 2008.

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