Economic November News

Consumer Price Index was up slightly in October. Hurricane Harvey disruptions to Texas refineries was back out of the gas price component of the index, but rising rents and healthcare costs offset that. Tax bill is still having trouble moving forward as Senate muddles through the details of what stays in the bill and what gets pulled. Venezuela has restructured its debt with Russia to pay $3.15 billion over 10 years. IMF warned last month that global debt was at a record $152 trillion and rising and that action must be taken soon to prevent another financial crisis.
A record 93% of American drivers say they will be driving the same or more over the next 30 days.
• Nearly 72% of all consumers say they will spend the same or more this upcoming month in stores, led by 79% of Americans age 50+ as well as 77% of those in the Midwest.
• Consumer confidence is very high at 61% which is 11% higher than this time last year.
• Dow Jones equities market drops to a 3-week low this morning.
• Producer Price Index PPI printed a whopping 2.8%. This is the hottest PPI since Jan 2012 driven by higher fuel prices and drugs.