U.S. consumer price inflation slowed more than expected in November, with the latest official data showing a notable drop in the Consumer Price Index (CPI) and core inflation. This key measure strips out food and energy costs, according to an update released Thursday by the Joint Economic Committee (JEC).
The headline Consumer Price Index (CPI-U), a broad measure of prices consumers pay for everyday goods and services, rose only 2.7% from November 2024 to November 2025, below the roughly 3.0% economists had expected. This marks one of the lowest readings in 2025, signaling a potential easing of inflationary pressures.
Core CPI, a measure that excludes volatile food and energy prices, also fell to 2.63% year-over-year, its lowest reading since March 2021.
Between September and November, the headline CPI increased modestly by 0.20%, while core inflation edged up by 0.16% over the same period, indicating that prices rose only slightly in recent months, even after volatility is adjusted for.
The data showed a mixed picture for specific sectors:
Food price inflation was 2.65% year-over-year, a decline of roughly 0.46 percentage points from September.
Energy price inflation rose 4.24% year-over-year, up about 1.39 percentage points from September.
Regionally, the Northeast saw the highest inflation rate between September and November at 3.1%, while the West and Midwest tied at 3.0%. The South recorded the lowest inflation at 2.2%, down from 2.7% in the September report.
In addition to prices, the JEC noted improvements in real wages during the most recent two-month period. Inflation-adjusted earnings for private nonfarm workers showed that weekly earnings rose 0.66% and hourly earnings rose 0.35%, suggesting that wage growth modestly outpaced price gains through November.
In a post to X on Thursday, the White House highlighted the slowed inflation and the pace of wage increases, writing, “President Trump is turning the economy around—pulling it back from the brink & setting the stage for a HISTORIC BOOM.”
President Trump is turning the economy around—pulling it back from the brink & setting the stage for a HISTORIC BOOM.
✅ Bringing high prices down ✅ Wages rising faster than inflation ✅ 100% of new jobs to American-born workers ✅ Gas prices ⬇️
Economists have cautioned that some of the recent inflation slowdown reflected in official figures may be affected by data collection challenges earlier this year. Independent reporting highlights that federal data gathering was disrupted by a prolonged government shutdown, which prevented the Bureau of Labor Statistics from compiling October CPI data and may have altered how price changes were measured, according to Reuters.
Nonetheless, both headline and core measures show inflation moving closer to longer-term targets, a development policymakers and markets will be watching closely as the Federal Reserve, Congress, and Trump Administration consider their next steps in 2026.
Congressman Eli Crane (R-AZ-02) introduced legislation Thursday requiring the Department of Homeland Security (DHS) to deliver annual terrorism threat assessments on the hostile use of unmanned aircraft systems (UAS), citing the rapid spread of drone technology among foreign adversaries and terrorist organizations.
The bill, titled the Detecting and Evaluating Foreign Exploitation of Novel Drones (DEFEND) Act, would amend the Homeland Security Act of 2002 to strengthen congressional oversight of emerging UAS threats, according to a release from Crane’s office.
Crane’s bill would require DHS to evaluate drone-related risks to the United States, submit a classified annual report to Congress with an unclassified public annex, and provide a briefing within seven days of each report’s submission. The legislation is co-sponsored by members of the House Homeland Security Committee, including several subcommittee chairs.
In a post to X announcing the legislation, Crane wrote, “America must maintain a decisive tactical advantage over our adversaries.”
Today, I introduced the Detecting and Evaluating Foreign Exploitation of Novel Drones (DEFEND) Act.
This legislation would strengthen congressional oversight of emerging drone threats.
According to a release from Crane’s office, the measure is intended to help close an intelligence gap around drone threats and give Congress clearer insight into vulnerabilities in U.S. airspace.
Arizona has growing strategic exposure to unmanned aircraft system threats, given ongoing cartel drone activity along the state’s southern border; the presence of key military installations involved in UAS development and counter-UAS training, including Fort Huachuca, Yuma Proving Ground, Davis–Monthan Air Force Base, and Luke Air Force Base; and the state’s expanding commercial drone testing sector. Federal assessments in recent years have also warned that drones pose increasing risks to critical infrastructure sites, including energy, water, and transportation systems across the United States.
In the release announcing the legislation, Crane said Congress must act to close intelligence blind spots and “maintain tactical advantage over malign actors” seeking to exploit UAS capabilities, citing drone use in recent conflicts overseas.
“The DEFEND Act ensures Congress has the knowledge necessary to effectively allocate resources to defend our homeland. I encourage my colleagues to back this approach to close this intelligence blind spot,” he added.
Per congressional procedure, the bill will be referred to the House Committee on Homeland Security, where co-sponsors sit in leadership positions across the Committee’s oversight and cybersecurity panels.
While homeownership rates have remained stubbornly flat or declined in many parts of the country, Arizona has beaten the trend with one of the strongest increases in the nation, according to a new decade-long study by the New Jersey Real Estate Network.
The analysis is based on U.S. Census Bureau data tracking changes in owner-occupied housing units across all 50 states between 2014 and 2024, providing a long-term view of homeownership trends beyond short-term market fluctuations.
Arizona posted a 7.79% increase in the percentage of owner-occupied homes over that period, landing the Grand Canyon State at No. 5 nationwide for homeownership growth—the only Southwestern state besides New Mexico and Nevada to crack the top five.
New Mexico ranks first among the states with the greatest growth in homeownership, posting an 11.42% increase. Nevada follows at 9.22%, with Virginia (7.99%), Maine (7.83%), and Arizona (7.79%) rounding out the top five.
The gains in Arizona and its fast-growing neighborhoods reflect a combination of strong population growth, job creation in tech and healthcare, and relatively affordable entry-level housing compared to coastal markets—even as prices have risen sharply in recent years.
At the opposite end of the spectrum, several states saw significant drops in the share of residents who own their homes.
The states recording the steepest drops in homeownership include South Carolina (−7.56%), North Carolina (−5.79%), Michigan (−5.01%), Oklahoma (−4.96%), and Alaska (−4.20%).
“While many states saw peak homeownership rates in 2020, followed by slight decreases in recent years, this could reflect various factors, including shifts in housing markets and affordability trends, as individuals continue to navigate evolving financial landscapes,” said the New Jersey Real Estate Network spokesman.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
A record number of consumers plan to shop on “Super Saturday” this year, according to the National Retail Federation (NRF) and Prosper Insights & Analytics, signaling continued strength in final-stretch holiday spending despite months of inflation pressures.
The NRF’s annual survey projects 158.9 million Americans will shop on December 20 — the last Saturday before Christmas and historically one of the busiest retail days of the year. The organization says the figure surpasses both last year’s estimate and the previous all-time high in 2022, according to a Wednesday press release.
“As the final Saturday before Dec. 25, Super Saturday is a significant shopping event for both consumers and retailers,” said Katherine Cullen, NRF’s vice president of industry and consumer insights.
“This year’s event falls only five days before the Christmas holiday, and consumers will shop across retailers and channels in search of the final gifts on their lists and other holiday items they need to complete a memorable holiday season,” she added.
The NRF survey, conducted December 1–10 among more than 8,300 adult consumers, found that:
Roughly 45 percent expect to shop both in-store and online,
29 percent plan to shop only in stores, and
26 percent plan to shop exclusively online.
Online remains the leading destination for last-minute purchases, with 46 percent of respondents planning to buy online, followed by 33 percent indicating department stores and 26 percent citing discount retailers.
The survey also found that U.S. consumers had completed about half of their holiday shopping by early December. Respondents who still had shopping remaining cited common reasons including unresolved gift decisions, competing financial priorities, and waiting on information from friends or family.
A growing share of respondents, 31 percent, said they planned to give “experience-based” gifts such as event tickets, classes, or travel, continuing a trend NRF analysts say has strengthened over the past decade.
Beyond national forecasts, Arizona retailers are leaning into this final shopping weekend with a shift toward experience-based promotions as well rather than pure discounting. According to Dallas McLaughlin Digital Marketing, some Phoenix and Scottsdale-area businesses have rolled out in-store events, exclusive giveaways, and AI-driven loyalty programs designed to keep shoppers engaged longer and convert last-minute browsers into buyers. Local marketing analysts say experiential retail is gaining traction across the Valley as stores compete not only on price but on atmosphere and interaction, a strategy they expect to play out across Super Saturday crowds.
Looking beyond Christmas Day, the NRF noted that nearly seven in ten shoppers expect to continue making purchases after December 25 to take advantage of post-holiday discounts and to redeem gift cards.
The holiday retail season, as defined by the NRF, spans November 1 through December 31. The organization projects total holiday retail sales will exceed $1 trillion for the first time, forecasting growth between 3.7 and 4.2 percent over 2024’s totals.
Super Saturday, sometimes referred to as “Panic Saturday” in the retail industry, regularly delivers some of the heaviest foot and online traffic of the season as consumers rush to finish gift buying before Christmas. Retailers traditionally extend store hours and concentrate promotional campaigns around the date.
The Kyrene School District (KSD) will be closing six schools over the next two years due to budgetary concerns from declining enrollment.
After months of deliberations, the KSD Governing Board voted unanimously to close four elementary schools and two middle schools.
The four elementary schools closing are Kyrene de la Colina, Kyrene de la Estrella, Kyrene de las Manitas, and Kyrene Traditional Academy. The two middle schools closing are Kyrene Akimel A-al and Kyrene del Pueblo.
Kyrene de la Colina, Kyrene de la Estrella, and Kyrene de las Manitas will close in the 2026-27 school year. Kyrene Traditional Academy, Kyrene del Pueblo, and Kyrene Akimel A-al will close in the 2027-28 school year.
This consolidation will result in the boundary modification of nine schools within the district: Kyrene de la Esperanza, Kyrene de las Lomas, Kyrene del Milenio, Kyrene de la Mirada, Kyrene de la Sierra, Kyrene Altadena, Kyrene Aprende, Kyrene Centennial, and Kyrene Middle School will experience boundary changes.
The governing board projected the six closures would save the district around $5.8 million annually, thereby avoiding most of a projected $6.7 million budget deficit.
Some parents who spoke against the school closures asked the governing board to reduce the number of closures to five instead of six. Overall, most who took to the podium recognized the need for a reduction in the number of schools in the district.
Superintendent Laura Toenjes promised the district would prioritize student needs during the upcoming transition.
“This is about caring for people through change and making sure students and staff are supported every step of the way,” said Toenjes.
KSD will provide families with information on enrollment pathways and school assignments, bell schedule updates, and transportation information in January prior to the enrollment portal opening in February.
Per the Common Sense Institute Arizona, KSD’s enrollment declined by nearly 20 percent over the past six years, but its budget increased by nearly 80 percent.
Kyrene’s enrollment is down 19 percent since 2019. Over the same period of time, their total budget has increased by 79 percent. Total capital expenditures have increased by 44 percent.
A data dashboard on all district enrollment, capacity, and budgets by the Common Sense Institute Arizona shows that over half the school districts in the state have declined in enrollment since 2019.
On average, their research found school districts haven’t grown since 2008. Apart from the declining student-age population, parents are choosing alternatives to traditional public schooling. Charter school enrollment nearly doubled during the pandemic, from 2020 to 2022; a majority of private schools researched had reported enrollment growth; and homeschooling increased from two percent to an 11 percent peak during the pandemic before falling back to a new high average between six and seven percent.
Despite this significant decline in traditional public school enrollment, Common Sense Institute Arizona found, further, that these schools reported a significant increase in spending: 80 percent since 2010.
Since January, at least eight other school districts have announced school closures and consolidations: Cave Creek Unified School District (two schools), Phoenix Elementary School District (two schools), Mesa Unified School District (staff layoffs), Isaac School District (two schools), Edkey, Inc. Sequoia Village School (one school), American Heritage Academy (one school), Roosevelt Elementary School District (five schools), Amphitheater School District (proposed four schools for closure).
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The Arizona Corporation Commission (ACC) and the North American Securities Administrators Association (NASAA) are cautioning investors to remain vigilant this Christmas season amid an increase in sophisticated fraud schemes.
Drawing on data from NASAA’s 2025 Enforcement Report and its annual survey of investor threats, the ACC identified a dozen types of scams that state securities regulators say investors should watch for as fraudsters employ new technology, including artificial intelligence (AI), to target victims.
According to NASAA’s report, state securities regulators conducted more than 8,800 active investigations in 2024, resulting in fines and restitution totaling over $259 million. The report found that while scammers increasingly use technological tools to make schemes appear legitimate, the underlying goal remains to separate victims from their money.
“The rapid growth of technology and the rise of artificial intelligence gives scam artists new tools to steal your money,” said NASAA President Marni Rock Gibson.
ACC Chair Kevin Thompson echoed Gibson, emphasizing the role of advancing technology in enabling fraud, saying in the release that AI and other tools give “scam artists new tools to steal your money,” and that many fraudulent investment pitches play on investors’ fears rather than genuine innovation.
“Fraudsters are pitching new investments that often have nothing to do with latest tech developments and instead play on the fear of missing out on the next ‘best thing,’” he explained.
The 12 investor threats outlined by the Commission’s Securities Division include:
Affinity or “Pig Butchering” schemes — long-term romance-based cons that build trust before prompting victims to invest in bogus platforms.
Deepfake impersonations — use of AI-generated video and voice clones of celebrities or contacts to solicit funds.
Phantom AI trading bots — fraudulent algorithms marketed as guaranteed return systems.
Digital asset and crypto fraud — scams involving unregistered securities and exaggerated return promises.
Fake AI equity pitches — sales of equity in fictitious AI companies or “pump and dump” schemes.
Social media lures — investment scams originating on platforms such as Facebook or X.
Short-form video hype — slick social media clips touting “get rich quick” opportunities.
Text and WhatsApp traps — unsolicited messages that pivot into fraudulent investment offers.
Targeting older investors — senior citizens are disproportionately targeted with both traditional and digital scams.
Account takeovers — phishing and AI-assisted hacks that seize control of accounts to solicit funds from contacts.
Website and app spoofing — cloned sites designed to harvest login credentials and funds.
Unregistered solicitors — individuals selling investments without proper licensing; regulators opened 944 investigations in 2024 involving unregistered sellers.
The ACC’s Securities Division encourages investors to exercise skepticism, conduct independent due diligence, and contact a trusted third party before committing funds to any investment, the commission said, quipping they should review the list of threats and “check it twice to avoid ending up with a stocking full of coal.”
Investors looking to check the license status or disciplinary history of an investment promoter can contact the Securities Division’s Duty Officer at 602-542-0662 or SecuritiesDiv@azcc.gov, or visit azcc.gov/azinvestor for more information.
