Michael McKee

We're not seeing people losing jobs, and the number gets more impressive in terms of a percentage of labor force as it continues to go down.

That is the largest 12-month increase since rising 3.5% in March.

So on the basis of the PPI annual figures, it looks like you're not going to be cutting inflation.

The January meeting, they've already said they're probably not going to be cutting.

And I would assume that this kind of data seals that.

And then they'll have two, three more reports on all of these things before the next meeting in March.

So they'll have a much cleaner read by the time we get to the end of the first quarter.

CPI monthly up three-tenths of a percent.

Remember, there were no October numbers, so the November numbers didn't get into this as a month-over-month thing.

But the three-tenths translates into 2.7% year-over-year.

Core comes in at two-tenths gain.

That translates to a 2.6% year-over-year number.

The interesting thing is housing because there was a feeling that the lack of October data would depress the housing numbers and keep them depressed.

But we see owner's equivalent rent come in by three-tenths gain.

That's up a little bit.

And rent itself up four-tenths on the month.

We want to make them here.

And that's what's happening.

Everybody's moving here from Canada.

They're coming here from Mexico, from Japan, from Germany, from all over the world.