After adjusting for seasonal variance, holiday and trading-day differences, and price changes, the advance estimates for November retail and food services sales in the United States came to $724.6 billion.
This represented a 0.7% increase (±0.5%) compared to the previous month and a 3.8% rise (±0.5%) from November 2023. Sales from September through November 2024 were up 2.9% (±0.5%) compared to the same period in the previous year. The change from September to October 2024 was revised upward from 0.4% (±0.5%) to 0.5% (±0.1%). Retail trade sales increased by 0.9% (±0.5%) from October 2024 and were up 4.1% (±0.5%) from the previous year. Sales of motor vehicles and parts dealers rose by 6.5% (±1.8%) compared to last year, while nonstore retailers saw a significant 9.8% increase (±1.4%) from November 2023.
Global markets remained focused on U.S. fiscal concerns, shifting central bank expectations, and renewed Middle East tensions.
Fed Inflation Concerns RemainThe latest Federal Reserve minutes show that inflation remains a central concern for policymakers, even as recent economic data has reduced the urgency for another rate increase. Some officials believe price pressures are becoming more widespread, while a smaller group directly supported further tightening.
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Dollar Falls on Debt Concerns as Yields Rise (24 – 28 August)Global markets entered the week with the US dollar under continued pressure as concerns over federal debt and Treasury market management moved to the center of investor attention. The Dollar Index hovered near 98.8 following sharp losses in the previous week, while the US Treasury’s expanded bond buyback programme pushed longer-term yields and the dollar lower. The move supported gold, silver, and major currencies, while investors assessed its longer-term implications for US borrowing costs and the yield curve.
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