The producer price index that tracks wholesale price inflation increased 0.8 percent in the month of November after seeing a rise of 0.4 percent for the month of October. Core prices, which do not include food and fuel, increased 0.3 percent for the month of November. The seasonally adjusted wholesale prices are up 3.5 percent for the year.
Retail sales increased 0.8 percent in the month of November after seeing a 1.7 percent rise in the month of October. This was the 5th month in a row showing gain. Economists had believed that there would be an increase in the month of November of 0.6 percent.
Total business inventories increased in the month of October to $1.42 trillion, which is the highest level seen since February of 2009. Total business sales increased 1.4 percent to $1.12 trillion in the month of October after seeing a 0.8 percent rise in the month of September.
Industrial production at the nation’s factories, mines, and utilities increased 0.4 percent in the month of November after seeing a 0.2 percent fell in the month of October. When compared to a year ago, industrial production is up 5.4 percent while capacity utilization increased to 75.2 percent in the month of November.
The construction of new apartments and single-family homes in the month of November increased 3.9 percent to a seasonally adjusted annual rate of 555,000 units. Single-family starts increased 6.9 percent, multifamily starts fell 9.1 percent and applications for new building permits decreased 4 percent to an annual rate of 530,000 units. New building permits is observed as an indicator of future activity.
The index of leading economic indicators, which is designed to predict economic activity in the next three to six months, increased 1.1 percent in the month of November being the largest gain in eight months.
First claims for unemployment benefits decreased by 3,000 to 420,000 for the week that ended on December 11, while continuing claims for the week that ended on December 4 increased by 22,000 to 4.14 million.
Economic Calendar reports upcoming
Existing home sales – December 22
New home sales – December 23