Headline consumer inflation declined for the sixth month in a row after energy prices declined in five of the last six months. Elevated housing prices continued to fuel overall inflation.
International goods deficit in November declined to $84 billion and the services surplus rose to $22.5 billion from the previous month. The monthly trade deficit in goods and services was the smallest since September 2022.
Wholesale inventories growth in November accelerated and retail inventories also increased in the month. Wholesale inventories rose for the 28th month in a row.
The PCE Price Index, which understates the headline inflation, rose at the slowest pace since October 2021 and slower increases in food and energy prices.
The upward revision reflected increases in consumer spending, fixed investments, exports and government spending partly offset by decreases in imports, residential fixed investments and inventory investments.
Housing starts and permits declined in November but completions rose as supply chain pressures eased, lumber price fell and faced higher mortgage rates.
