The Labor Department released the November Consumer Price Index, which measures how much consumers pay for goods and services. Inflation has moderated somewhat in recent months, but remains high. The CPI rose 7.7% year-on-year in October, down from 8.2% the previous month.
The Federal Open Market Committee will begin a two-day meeting to discuss whether and by how much to raise interest rates.
The Fed is expected to announce a rate decision as it tries to lower high inflation. Officials have raised interest rates this year at the fastest pace since the early 1980s and expect to raise their benchmark rate by 0.5 percentage points. The Fed is also expected to release updated interest rates and economic forecasts, and Fed Chairman Jerome Powell is expected to hold a press conference after the rate announcement.
The Commerce Department publishes data on retail sales, which includes spending in stores, online and in restaurants. Revenues from sales in retail trade rose by 1.3% seasonally in October compared to September, when they were unchanged.
The Labor Department releases initial claims for unemployment insurance for the week ended December 10. Initial claims, a proxy for layoffs, recently rose from early-year lows but remain close to 2019’s weekly average.
The Fed publishes data on industrial production, including factory output.
The Commerce Department publishes business inventories, a measure of the value of goods held by businesses.
The data company S&P Global publishes the December indices of purchasing managers for the manufacturing and service sectors in various countries. PMIs track business activity and sentiment, with a reading above 50 indicating expansion and a reading below 50 indicating contraction. The U.S. composite manufacturing index fell to 46.3 in November from 48.2 a month earlier, among the fastest declines since 2009.
Email Austen Hufford at firstname.lastname@example.org
SHARE YOUR THOUGHTS
What is your current view of the economy? Join the conversation below.
Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8