In November, U.S. durable goods orders rose by the most in 6 months.

“The key positive in this report is flat core goods prices, reinforcing the view that tariff pass‑through to consumers has been much milder than anticipated.”

“The labor market remains weak, but the pace of deterioration probably is too slow to spur the FOMC to [reduce interest rates] again in January.”

The value of U.S. exports rose 3% from August to September, reaching the second-highest level on record, while imports increased a more modest 0.6%.

The dated snapshot likely doesn’t change much for Federal Reserve officials, many of whom were already leaning away from cutting interest rates again next month.

“Businesses have so far shielded consumers from much of the increase in costs due to tariffs by absorbing them in margins, but further pass-through seems very likely in the months ahead.”

Personal spending rose 0.4% last month, while inflation increased 0.2% from July and 2.9% from August 2024.

The CPI rose 0.4% in August, the most since the start of the year, but Fed officials are still likely to cut interest rates next week.