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.
Retail and food services sales adjusted for seasonal and calendar factors but unadjusted for prices on a monthly basis decline in November after a strong increase in October.
The Federal Reserve lifted its lending rate by 50 basis points and held out for more rate hikes in future in its quest to bring down inflation to 2.0%.
Consumer inflation slowed in November but the rising cost of shelter overwhelmed the decline in energy prices. Core inflation excluding food and energy also eased.
The Wholesale Price Index increase was driven by higher prices for services and the monthly increase in prices matched the rates in October and September.
