Inflation showed signs of cooling last month, a welcoming sign for the Federal Reserve as it tries to cool consumer prices with higher interest rates.
On a month-to-month basis, prices rose 0.1% from October to November after rising 0.4% the previous month. Core prices rose 0.2%.Inflation, which began surging a year and a half ago as the economy bounced back from 2020's coronavirus recession, still remains well above the 2% year-over-year growth the Fed wants to see.Traders work on the floor at the New York Stock Exchange in New York, Thurs., Nov. 10, 2022.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1%, the Commerce Department said on Friday. Data for October was revised up to show spending surging 0.9% instead of 0.8% as previously reported. Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.
And a $1.7 TRILLION spending bill!!
It’s a GREAT day when SimonettiLauren fills in for Varney. But the market fall due to inflation & rate hikes is a 2022 thing. The 2023 story will be falling corporate profits, resulting layoffs & Feds refusal to call out reckless spending. THAT is why the market is falling now.
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