This Week: Consumer prices, Fed meeting, retail sales
Dec 12, 2022, 6:10 AM | Updated: 6:13 am
A look at some of the key business events and economic indicators upcoming this week:
EYE ON INFLATION
The Labor Department serves up its November snapshot of inflation at the consumer level Tuesday.
Americans continue to face higher costs, reflected in a run of sharp annual increases in the consumer price index since summer last year. Prices for U.S. consumers jumped 7.7% in October from a year earlier. Still, that was down from an 8.2% annual jump in September. Economists predict the November reading will show a 7.3% annual increase in consumer inflation.
Consumer price index, annual percent change, not seasonally adjusted:
Nov. (est.) 7.3
THE FED SPEAKS
The Federal Reserve is set to deliver an update on what it plans to do next in its campaign to bring down inflation by raising interest rates.
The central bank has raised its key short-term rate six times this year to a range of 3.75% to 4%. It’s expected to raise its rate by a half-point Wednesday, following a two-day meeting of Fed policymakers. Though that would represent a reduction in the size of its rate hikes, Fed officials have stressed that they expect to keep their rate at a historically high level well into the future.
The Commerce Department releases its latest monthly tally of U.S. retail sales Thursday.
Sales rose 1.3% in from October from the previous month, the biggest increase since February and a sign of consumer resilience as the holiday shopping season began amid painfully high inflation and rising interest rates. That optimism could be dimmed by the data for November, which economists forecast will show sales at restaurants, shops and other retailers were flat last month.
Retail sales, monthly percent change, seasonally adjusted:
Nov. (est.) 0.0
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