Shoppers increased their spending in November from October as holiday shopping kicked into full gear.

Retail sales rose a better-than-expected 0.6% in November, following a revised 0.1% decline October, according to the Commerce Department. The report on Wednesday was delayed more than a month because of the 43-day government shutdown.

Retail sales rose 0.1% in September, but jumped 0.6% in July and August and 1% in June.

The federal government is gradually catching up on economic reports that were postponed by the shutdown.

The retail sales figures, which are not adjusted for inflation, showed that in most cases shoppers focused on gifts and pulled away from other areas.

Sales at clothing and accessories stores rose 0.9%, while online businesses had a 0.4% increase. Business at sporting goods and hobby stores was up 1.9%. But furniture and home furnishing stores posted a 0.1% dip, while consumer electronics and appliance stores saw their business unchanged in November from October.

The snapshot offers only a partial look at consumer spending and doesn’t include many services, including travel and hotel lodges. But the lone services category — restaurants — registered an uptick of 0.6%.

A category of sales that excludes volatile sectors such as gas, cars, and restaurants rose in November by a solid 0.4%, a sign that consumers are still spending on discretionary items.

The report comes as 41,000 attendees from retailers, brands and technology companies gathered for the annual three-day National Retail Federation convention. Shoppers have been growing anxious about high prices and impact of President Donald Trump’s tariffs, as well as a souring job market. So the outlook for shopping for this year was a key issue that dominated discussions.

The National Retail Federation predicts that retail sales in November and December grew between 3.7% and 4.2% over 2024. That translates to a range between $1.01 trillion and $1.02 trillion. By comparison, holiday sales for 2024 rose 4.3% over 2023 to reach $976.1 billion.

— Associated Press

Economy

Slight inflation seen at wholesale level

U.S. wholesale prices rose modestly in November, the government said in report delayed by the federal government shutdown.

The Labor Department reported Wednesday that its producer price index — which measures inflation before it reaches consumers — rose 0.2% in November from October and 3% from a year earlier.

Gasoline prices rose sharply in November. Excluding volatile food and energy prices, so-called core wholesale prices were unchanged from October and up 3% from November 2024.

Real Estate

U.S. housing slump reaches fourth year

The U.S. housing market slump dragged into its fourth year in 2025 as sales remained stuck at a 30-year low with rising home prices and elevated mortgage rates keeping many prospective home shoppers out of the market.

Sales of previously occupied U.S. homes totaled 4.06 million last year, flat versus 2024, when sales sank to the lowest level since 1995, the National Association of Realtors said Wednesday. Sales have declined on annual basis every year since 2022.

The median national home price for all of last year rose 1.7% to $414,400, the NAR said.

Sales have been stuck at around a 4-million annual pace now going back to 2023. That’s well short of the 5.2-million annual pace that’s historically been the norm.

Trade

China reports $1.2T surplus for 2025

China’s trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the U.S. under President Donald Trump’s onslaught of higher tariffs.

China’s exports rose 5.5% for the whole of last year to $3.77 trillion, customs data showed, as Chinese automakers and other manufacturers expanded into markets across the globe. Imports flatlined at $2.58 trillion. The 2024 trade surplus was over $992 billion.

In December, China’s exports climbed 6.6% from the year before in dollar terms, better than economists’ estimates and higher than November’s 5.9% year-on-year increase. Imports in December were up 5.7% year-on-year, compared to November’s 1.9%.

China’s trade surplus surpassed the $1 trillion mark for the first time in November, when the trade surplus reached $1.08 trillion in the first 11 months of last year.

Economists expect exports will continue to support China’s economy this year, despite trade friction and geopolitical tensions.

Retail

Saks parent company files for bankruptcy

The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago.

Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas.

The private company said that stores will remain open as it restructures company debt, meaning that it will honor the programs it has for customers. Suppliers and employees will be paid, Saks said.

There are about 33 Saks stores and 36 Neiman Marcus locations, according to the company, as well as two Bergdorf Goodman stores and roughly 70 Saks Off 5th discount stores.

Technology

Nvidia chip sales OK’d for China, with limits

The Trump administration placed new security requirements on Nividia’s semiconductor sales to China, but essentially greenlighted the export of its powerful H200 artificial intelligence chips to Chinese buyers.

Nvidia must ensure that there is an adequate supply in the U.S., and the H200 chips must undergo a third-party review before being exported to China, according to new rules set by the Commerce Department’s Bureau of Industry and Security. But the new rules lower the bar for exports.

China won’t be allowed to use the chips for military purposes and is not allowed to import more than 50% of the chips sold to U.S. customers.

The new Commerce rules arrive just over a month after President Donald Trump said he’d allow Nvidia to sell the H200 to “approved customers” in China.

— From news services