Domestic oil production in the U.S. reached a new record in November of 2023, hitting 13.31 million barrels per day, according to data from the U.S. Energy Information Administration.
The previous record was 13.25 million barrels per day. That was set in September 2023.
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U.S. retail sales rose 0.3% in November compared to the previous month, the Commerce Department said Thursday, despite the Dow Jones estimate that sales would decline by 0.1%.
The 0.3% estimated increase in U.S. retail and food service sales outpaced inflation from October to November, which was 0.1%. The retail sales are also up 4.1% when compared to the same time last year, the department said, which is still above the inflation rate of 3.1% from November 2022 to November 2023.
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U.S. private-sector employers added 103,000 new hires in November versus 106,000 workers in October, according to Nov.’s ADP® National Employment Report, a collaboration with the Stanford Digital Economy Lab.
Consider what is occurring in a slice of service sector employment.
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More than 40% of U.S. small business owners say they couldn’t pay rent on time or in full for the month of November, the highest this year.
The small business network group Alignable released the survey, which found that the hardship varies by industry. A notable 57% of beauty salons said they couldn’t make rent as well as 45% of gyms, 44% of retail and 44% of restaurants.
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The U.S. economy added 266,000 jobs in November, while the unemployment rate dropped to 3.5%, according to Department of Labor data released Friday.
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