The Consumer Price Index (CPI) for November increased 7.1% year-over-year, which was lower than the analysts’ estimate of 7.3%. This boosted consumer confidence as inflation is showing signs of cooling down, with a sharp decline from the prior month’s 7.7%.
Moreover, the Labor Department reported that U.S. nonfarm payrolls increased by 263,000 for November, much better than the 200,000 that the economists surveyed by Dow Jones were expecting.
