The Census Bureau reported advance U.S. retail and food services sales were $732.6 billion in October, virtually unchanged (+0.0%) from the prior month; this follows a downwardly revised (+0.1%) increase for September. Total Retail sales were up (+3.5%) year over year. Total sales for the August 2025 through October 2025 period were up (+4.2%) year over year. Retail sales are mostly goods and are not adjusted for inflation. While overall monthly growth was flat, nonstore retailers continued to show strength on an annual basis (+9.0%), supporting year-over-year gains. Excluding sales at motor vehicle and parts dealers and gasoline stations, sales were up (+0.5%) for the month. Miscellaneous store retailers (+9.5%) led annual sales increases, while building materials (-4.5%) posted one of the larger year-over-year declines. On a monthly basis, motor vehicle & parts dealers (-1.6%) recorded a notable decline. Food services & drinking places, the only service category, were down (-0.4%) for the month and (+4.1%) year over year. Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services, surged (+0.8%) in October and were up (+4.8%) year over year.

The U.S. Bureau of Labor Statistics reported a modest increase of 64,000 jobs in November, while the unemployment rate held steady at 4.6%, with the number of unemployed at 7.8 million. A year earlier, the jobless rate stood at 4.2%, and unemployment totaled about 7.1 million. November job gains were led by health care (+46,000) and construction (+28,000), alongside continued growth in social assistance (+18,000), while employment declined in transportation and warehousing (-18,000) and the federal government (-6,000). Manufacturing and several other major industries showed little change over the month. Average hourly earnings edged up 0.1% to $36.86, reflecting a 3.5% increase over the past year. Meanwhile, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.9 million, accounting for 24.3% of the total unemployed, compared with roughly 1.7 million, or 23.3%, a year earlier. Revisions to August and September data showed that 33,000 fewer jobs were added than previously reported.

The Labor Department reported that the Consumer Price Index increased 0.2% over the two months ending in November (seasonally adjusted), following a 0.3% increase through September, as data for October were not collected due to the federal government shutdown. The all items index rose 2.7% over the past year (before seasonal adjustment), down from a 3.0% increase for the 12 months ending in September. The recent increase was led by shelter costs, which rose 0.2% over the two-month period and remained the largest contributor to overall inflation. The food index increased 0.1%, as food at home edged higher while food away from home continued to rise. The energy index climbed 1.1% over the period, reflecting higher gasoline prices and increases in electricity, partially offset by declines in natural gas. Core CPI (all items less food and energy) increased 0.2% over the two months and advanced 2.6% year over year. Categories showing notable annual increases included household furnishings and operations (+4.6%), used cars and trucks (+3.6%), shelter (+3.0%), and medical care (+2.9%).