11月消费者物价指数上涨2.8%，通胀黏性特征凸显

Group 1 - The core inflation measure favored by the Federal Reserve, which was delayed due to the government shutdown, shows a moderate increase in consumer prices for October and November, with month-on-month increases of 0.2% and year-on-year increases of 2.7% in October and 2.8% in November [2][6] - Despite a significant drop from the peak levels post-pandemic, inflation continues to affect American households, with a rebound in goods inflation observed after tariffs were imposed by the Trump administration in spring [2][6] - The upcoming data will provide more decision-making basis for the Federal Reserve's monetary policy meeting, with expectations that interest rates will remain unchanged in the short term due to stable economic growth and low unemployment [2][6] Group 2 - The chief economist at KPMG noted that wealthy households are driving economic growth, masking the struggles expressed by many in consumer confidence surveys [3][7] - Personal income in the U.S. increased by $80 billion in November, showing a stable month-on-month growth of 0.3%, but real disposable income adjusted for inflation decreased by 0.1% in October and slightly rebounded by 0.1% in November, indicating ongoing price pressures on households [3][7][8] - The inflation rate in the U.S. has remained above the Federal Reserve's target of 2% since 2021, and as long as inflation stays close to 3%, some Federal Reserve officials may be cautious about rate cuts [8] Group 3 - The labor market data indicates that while the unemployment rate remains low at 4.4%, the number of net new jobs has significantly declined, affecting recent graduates and long-term unemployed individuals [4][8] - Initial claims for unemployment benefits have remained low and stable, suggesting that layoffs in American companies are currently at a moderate level [4][8]