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.
Escalating Middle East tensions pushed oil prices higher following a deadly drone strike on Saudi Aramco's Shaybah facility, renewing inflation concerns and expectations for further Federal Reserve tightening.
Rising oil prices renewed inflation concerns as uncertainty surrounding the US-Iran conflict and continued disruptions in the Strait of Hormuz reinforced expectations for further monetary tightening.
Elevated oil prices and rising Treasury yields weighed on precious metals as persistent geopolitical tensions reinforced inflation concerns and expectations for further Federal Reserve tightening.
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