Inflation spikes as wholesale prices rise 3.2 percent in November
The Labor Department reports wholesale prices jumped 3.2 percent in November, the largest gain in 34 years, driven by a 34.8 percent surge in gasoline. Core inflation rose 0.4 percent while retail sales rose 1.2 percent, signaling broad consumer strength despite energy costs. Wall Street edged higher, with stocks up 44.06 points.
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Crude futures slip after prior gains in New York
Oil futures fell as traders booked profits from Wednesday's surge amid a firmer dollar and Exxon Mobil stating a Texas refinery had no outages. Price structure inverted with January below February for the first time since August, signaling rising supply and potential further declines. January crude at 92.70, February at 92.80 a barrel.
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Mortgage rates rise despite sliding earlier in autumn
Freddie Mac reports that the 30-year fixed mortgage averaged 6.11 percent this week, up from 5.96 percent last week. The rise follows a period of declines or stability since mid October as buyers face a tighter credit market and financing hurdles.
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