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Most high-frequency consumer and macro series are now updated through November 2025 (labor market and CPI), with consumer credit balances through October 2025 and several bank credit performance/standards series through Q3–Q4 2025. Headline inflation remains in the mid-2% range year over year, while labor-market cooling continues to show up more clearly in the unemployment rate and quits than in payroll levels. In consumer credit, bank-reported credit card delinquencies and charge-offs eased versus a year earlier, alongside a step-down in reported underwriting tightening. Autos show stable unit sales and mixed credit survey signals (net easing of standards but softer demand). Housing turnover remains low, inventories remain limited, and debt-service ratios have drifted higher versus 2024. 【FRED:CPIAUCSL】【FRED:CPILFENS】【FRED:UNRATE】【FRED:DRCCLACBS】【FRED:CORCCACBS】 FRED+4FRED+4FRED+4

Labor Market

The unemployment rate was 4.6% in November 2025, up from 4.2% in November 2024. 【FRED:UNRATE】 FRED
Payroll employment (level) was 159.6 million in November 2025, and BLS commentary characterizes recent job gains as limited since spring. 【FRED:PAYEMS】 FRED+1

High-frequency claims remain in a range consistent with modest labor-market cooling: initial claims were 224k for the week ending Dec 13, 2025, with the next release dated Dec 24, 2025. 【FRED:ICSA】 FRED

JOLTS indicators remain below early-cycle highs but relatively stable in recent months: job openings were 7.67 millionin October 2025 (near 7.62 million in October 2024), while the quits rate was 1.8% in October 2025 (down from 2.0%in October 2024). 【FRED:JTSJOL】【FRED:JTSQUR】 FRED+1

For reference on baseline expectations, the December 2025 SEP implies unemployment near 4.4% in Q4 2026 (median), broadly consistent with the Philadelphia Fed’s Q4 2025 SPF unemployment path. FRED Blog+2Federal Reserve+2

Inflation

CPI (all items) increased to 325.0 in November 2025 from 316.4 in November 2024 (about 2.7% YoY using CPIAUCSL index levels). 【FRED:CPIAUCSL】 FRED
Core CPI (less food and energy) increased to 330.4 in November 2025 from 321.9 in November 2024 (about 2.6% YoYusing CPILFENS index levels). 【FRED:CPILFENS】 FRED

Vehicle CPI components have been firming modestly over the most recent several months: used cars/trucks increased from 183.4 (Jul 2025) to 186.5 (Nov 2025), and new vehicles (seasonally adjusted series) increased from 177.6 (Jul 2025) to 179.1 (Nov 2025). 【FRED:CUSR0000SETA02】【FRED:CUSR0000SETA01】 FRED+1

Credit Card Market

Bank-reported credit card performance improved versus a year earlier: delinquency was 2.98% in Q3 2025 versus 3.19% in Q3 2024, and the net charge-off rate was 4.17% in Q3 2025 versus 4.68% in Q3 2024. 【FRED:DRCCLACBS】【FRED:CORCCACBS】 FRED+1

On the balance side, revolving consumer credit outstanding was $1.317T (SA) in October 2025, up modestly from June 2025 levels shown on the series page. 【FRED:REVOLSL】 FRED

Senior Loan Officer Survey signals shifted from broad tightening to nearer-neutral: net tightening for credit cards was 4.2in Q4 2025 versus 18.4 in Q4 2024, while reported demand turned slightly positive (4.3 in Q4 2025 versus -2.1 in Q4 2024). 【FRED:DRTSCLCC】【FRED:DEMCC】 FRED+1

Auto Market

Light vehicle sales were 15.6M SAAR in November 2025, within the recent mid-teens range. 【FRED:ALTSALES】 FRED

Credit survey signals were mixed: banks reported net easing of auto loan standards (-5.8 in Q4 2025), while reported demand fell to -19.2 in Q4 2025 (more negative than -12.8 in Q4 2024). 【FRED:STDSAUTO】【FRED:DEMAUTO】 FRED+1

Student Loans

Student loans owned and securitized were $1.841T in September 2025 (NSA). The series shows intermittent missing monthly observations in 2025 on the FRED display, with the next scheduled release date listed as Jan 8, 2026. 【FRED:SLOASM】 FRED

Mortgage and Housing Finance

Existing home sales were 4.13M SAAR in November 2025, while months’ supply was 4.2. The median existing home price was $409.2k in November 2025 (recently below late-summer levels shown on the series page). 【FRED:EXHOSLUSM495S】【FRED:HOSSUPUSM673N】【FRED:HOSMEDUSM052N】 FRED+2FRED+2

Home price indexes remain elevated: Case-Shiller 20-city was 337.7 in September 2025, and FHFA purchase-only HPI was 435.6 in August 2025. 【FRED:SPCS20RSA】【FRED:HPIPONM226S】 FRED+1

Affordability improved modestly in the latest NAR fixed-rate affordability index window (106.2 in Oct 2025, where 100is the qualifying threshold per the index definition). Mortgage debt service was 5.89% of disposable personal income in Q2 2025, above the Q2 2024 level shown in the series. 【FRED:FIXHAI】【FRED:MDSP】