Retail and food service sales for October were $718.9 billion, an increase of 0.4% in the previous month, the Commerce Department said today in its advance estimate. Sales were up 2.8% from a year ago. Excluding automobiles and gasoline, sales were up 0.1% from the previous month and up 3.8% from last year.
Industrial production decreased 0.3% in October from the previous month, the Federal Reserve reported. The October figure was also down 0.3% from a year prior.
Though the GOP sweep of the House and Senate portends good things for bank-friendly policy, there is still a lot of work to do on both sides of the aisle. Agriculture issues should see movement in new Congress.
The rate for a 30-year fixed-rate mortgage was 6.78% this week. The rate for a 15-year fixed-rate mortgage was 5.99%.
The Federal Open Market Committee can take its time lowering rates given the strength of the U.S. economy, Federal Reserve Chairman Jerome Powell said.
Credit and debit card payments continued to grow in 2022, reaching 153.3 billion transactions and $9.76 trillion in value, according to Federal Reserve data, which also showed strong growth in mobile wallet payments.
The Mission Driven Bank Fund announced the appointment of its inaugural Mission Advisory Committee, comprised of seven industry leaders with expertise and experience in minority depository institutions and community development financial institutions.
