US Retail Sales Rebound in November; Saks Files for Chapter 11 Bankruptcy

November Retail Sales Rebound

• 📈 U.S. retail sales saw a stronger-than-expected increase in November, rising by 0.6%.
• 🚗 This rebound was significantly fueled by a resurgence in car purchases and early holiday shopping.
• 📉 The November increase followed a downwardly revised 0.1% drop in October.

Wholesale Inflation Ticks Up

• ⛽ Wholesale inflation experienced a slight increase in November, primarily due to a jump in energy costs.
• 📊 The producer price index (PPI) rose by 0.2% for the month.
• ⚠️ The report on wholesale prices was delayed due to a federal shutdown.

Saks Enters Chapter 11 Bankruptcy

• 🛍️ Luxury retailer Saks has filed for Chapter 11 bankruptcy to address significant losses and a substantial debt load.
• 💰 The company has secured approximately $1.75 billion in financing to continue operations during the bankruptcy process.
• ✅ Saks intends to honor all customer programs, pay vendors, and continue employee payroll and benefits.