
Soft PPI gains with stronger-than-expected retail sales in November
U.S. producer prices rose 0.2% in November (core PPI flat), with year-over-year PPI up about 3% and core PPI up 3.5%—the largest 12-month gain since March 2025, led by energy. Meanwhile, retail sales advanced 0.6% in November (0.5% ex-autos), beating forecasts and broad-based across categories, lifting the year-over-year gain to about 3.3%. Markets were little changed, with traders pricing in little chance of a near-term Fed move at the upcoming meeting.











