A new report shows consumer confidence has hit its lowest point since April. CBS News MoneyWatch correspondent Kelly O'Grady has the details.

Washington

Consumer confidence in the United States declined in November, reaching its lowest level since April, according to a recent report. This drop comes despite a less-than-expected rise in the producer price index in September and ongoing holiday shopping activity.

Retail sales data showed a smaller-than-anticipated increase, with much of the growth attributed to higher prices rather than increased purchasing. Forecasts suggest that while high-income earners are maintaining spending levels, many consumers are being more cautious, and a clearer picture of overall holiday spending will emerge in the new year.

Consumer confidence tumbles in November to lowest point since April

To Wall Street now, as investors unpack a fresh batch of economic data, the Dow climbed 664 points. The producer price index, which measures the rising costs of goods before they reach consumers, rose less than expected in September. But the upbeat news on inflation comes amid deepening worries about the U.S. economy. A new report shows this month consumer confidence hit its lowest point since April. Let's bring in CBS News Money Watch correspondent Kelly O'Grady. Kelly, great to be with you. Black Friday deals have already begun, we know that. Holiday shopping is just getting started. I'm getting all the shopping alerts on my phone. But what does all this data tell us about how most Americans are spending this year? So there's a couple things I want to point out. That consumer confidence number that you mentioned, that looks at how folks were feeling in November. The producer prices piece, essentially how much it's costing and how much those costs are increasing for the folks that make the goods that you and I go buy at the grocery store or other places, right? That is more of a September number. So they're sort of looking at two different snapshots in time. And that's part of the challenge that we're dealing with right now, that we are trying to understand of what's going on with the U.S. economy. Limited and also dated in some ways. I think the two of those, though, come together in the retail sales number that we got today. And that came in lower than expected, right? We were expecting to see retail sales increase about 0.3 percent. It came in at 0.2 percent. And I always highlight that retail sales, it gives you a snapshot of consumer spending, but it's not adjusted for inflation. So a lot of that growth is simply because things cost more from one month to another. It's not that people are buying more. That was also a September number. So it gives you a sense of, okay, we had some really good spending over the summer. September is often time where you take a little bit of break, you know, you save up some money. I think if that trend continues as we go into the holidays, and again, the data is limited. We're really not going to get a full picture until the beginning of the new year. That's where it's concerning, right? Because the holiday season, that is when people spend, spend, spend. I'm getting those alerts too, Liz. Yeah, yeah. And I'm just curious if there's any kind of predictions, though, Kelly. I mean, what are we expecting this holiday weekend? This is supposed to be the Super Bowl of spending, but we keep hearing that people are being more conscientious about their spending. What do you think is going to happen here? So we do have a couple of predictions. One comes from a recent Deloitte survey, and they say that this particular weekend, that Black Friday, Cyber Monday, all of it in between, that consumers are going to pull back, that the average consumer will spend about $622. And while that does sound like a lot, it's a 4% drop versus the previous year. We have also heard from a number of other retailers or sort of, you know, retail prediction reports that the whole holiday season, people will spend a little bit more. I think the really important thing is that that spending is being driven by high-income earners. So you have those that are doing well, that are feeling OK, put an economy on their back. They're going out and spending. But folks on the lower end, they maybe aren't doing as much. They're maybe going into debt. They're trading down from other things and then just picking one or a few items on that wish list. Because, of course, you know, Santa's coming, right? The holiday magic still has to happen. People like to do things this time of year. But it's really going to be in January when we see it all come together. Is it going to be less? Is it going to be more? And how much is put on credit card debt that people can't pay back? All right, well, I'll be watching for that. Kelly O'Grady, thank you so much.

A suspect is in custody and the scene is secured after a shooting mere blocks from the White House in Washington, D.C., police said Wednesday. DHS Secretary Kristi Noem said two National Guardsmen had been shot.

Suspect in custody after National Guardsmen shot in Washington, D.C.

Brazil's Supreme Court on Tuesday ordered far-right former president Jair Bolsonaro to begin serving a 27-year sentence for plotting a failed coup, after he exhausted all appeals.

Rio de Janeiro

Brazil's Bolsonaro begins 27-year jail term for coup bid

A fire in a Hong Kong residential complex killed 13 people and injured 15 others. The blaze rapidly spread through bamboo scaffolding, leading to the evacuation of 700 residents.

Tsim Sha Tsui

Thirteen dead as blaze engulfs Hong Kong residential complex

Brazil's Supreme Court on Tuesday (November 25) ordered former President Jair Bolsonaro to begin a prison sentence of more than 27 years for plotting a coup in 2022, according to a court document.

Brasília

Brazil's Bolsonaro to start 27-year prison sentence for coup plot

President Trump says only a few "points of disagreement" remain on a possible deal to end the war between Russia and Ukraine. The president says he will meet with the leaders of both countries only when the deal is in its final stages.

Trump optimistic on Russia-Ukraine peace deal despite recent strikes

The FBI has launched an inquiry into six Democratic lawmakers after President Trump accused them of “seditious behavior” for appearing in a video encouraging U.S. service members to refuse unlawful orders.

FBI probes Democrats over video urging troops to refuse illegal orders

President Donald Trump's administration has ramped up pressure on Venezuelan President Nicolás Maduro by designating the Cartel de los Soles as a foreign terrorist organization. But the entity that the U.S. government alleges is led by Maduro is not a cartel per se.

Caracas

U.S. labels Maduro-tied Cartel de los Soles as terror organization

The head of Sudan's Rapid Support Forces (RSF), General Mohamed Hamdan Dagalo, said late on Monday (November 24) that his paramilitaries would immediately enter into a three-month humanitarian truce in its conflict with the country's armed forces.

Khartoum

Sudan's RSF paramilitary says it will enter into ceasefire

A U.S. official tells CBS News that Ukraine has agreed to a peace proposal brokered by the Trump administration, but some details still need to be sorted out. CBS News' Holly Williams reports.

Kyiv

Ukraine Invasion

Ukraine agrees to peace proposal with Russia, U.S. official says

The Gaza Humanitarian Foundation, the U.S.- and Israeli-backed organization to distribute aid in Gaza, said on Monday (November 24) it was ending its operations after months of criticism over the deaths of hundreds of Palestinians trying to reach GHF hubs.

Tel Aviv-Yafo

Divisive U.S.- and Israeli-backed Gaza aid group ends operations

Darfur

Sudan's RSF paramilitary says it will enter into a ceasefire

Chauncey Billups, who was serving as head coach of the Portland Trail Blazers until his suspension, pleaded not guilty on Monday to charges related to alleged rigged high-stakes poker games.

Chauncey Billups pleads not guilty to charges

The Kremlin on Monday (November 24) said that a European counter-proposal to a U.S. 28-point peace plan for Ukraine was not constructive and that it simply did not work for Moscow.

Moscow

Kremlin rejects revised European peace plan to end war in Ukraine

A federal judge has dismissed the criminal cases against former FBI Director James Comey and New York Attorney General Letitia James on the grounds that Lindsey Halligan, the interim U.S. attorney who secured their indictments, was unlawfully appointed to the role.

Cases against James Comey, Letitia James dismissed

At least 90 people have died in a week of torrential rain, flooding and landslides in south-central Vietnam, authorities said. Popular tourist areas have been heavily hit, with parts of Nha Trang submerged and deadly landslides cutting off roads near Da Lat.

Nha Trang

Vietnam flooding kills at least 90

The Trump Administration is ramping up pressure on Venezuela as the Air Force conducted a simulated nighttime attack along the country's coast. Charlie D'Agata has the latest.

Trump ramps up pressure on Venezuela with nighttime Air Force attack

Israel killed Ali Tabtabai, the acting chief of staff of militant group Hezbollah, in an airstrike on a southern suburb of Beirut on Sunday, the Israeli military said.

Beirut

Middle East Conflict

Israel kills Hezbollah military leader in Beirut strike

While Russia and Ukraine continue to exchange daily drone fire, an updated peace framework is being worked out in Geneva between Ukraine, the US and European partners.

Ukraine upholds red lines as Geneva peace talks continue

Álvaro García Ortiz's decision came less than a week after he received a two-year suspension and a fine for disclosing private information about the partner of an opposition politician.

Madrid

Spain's attorney general resigns after conviction over data leak

U.S. President Donald Trump's Department of Government Efficiency has been disbanded with eight months remaining in its mandate, and Office of Personnel Management Director Scott Kupor has told Reuters that the cost-cutting body now "doesn't exist".

DOGE 'doesn't exist' with eight months left on its charter

Al-Burhan rejected a new truce proposal from US envoy as the “worst yet”, accusing the Quad mediators of bias due to the UAE’s involvement.

Al Fashir

Sudan’s army chief rejects quad truce proposal as ‘worst yet’

Three suicide bombers and three security personnel killed in attack on the Federal Constabulary headquarters in Peshawar, media reports say.

Peshawar

Six killed in suicide attack on security complex in Pakistan

The attack which Israel says to have killed chief of staff Haytham Tabtabai in the southern suburbs of Beirut also killed four other people and injured 25.

Israel says to have killed top Hezbollah official in strike on Beirut

UK Prime Minister Keir Starmer suggested that former Prince Andrew should testify before the U.S. Congress as part of its ongoing investigation into Jeffrey Epstein. Starmer did not discuss Andrew’s case directly but said, as a matter of principle, everyone involved should cooperate with the inquiry.

London

Starmer says former Prince Andrew should testify in Epstein probe

About 50 schoolchildren aged 10–18 who were abducted in Niger state, Nigeria, have escaped, authorities confirmed. They fled individually between Friday and Saturday, according to the Christian Association of Nigeria, which runs the school. Officials continue to track those still missing.

Niger

50 abducted Nigerian schoolchildren escape, authorities say

The first G20 summit to be held in Africa has been labelled a "triumph of multilateralism," as leaders from the world's more powerful economies came together in Johannesburg. South African leader Cyril Ramaphosa used his presidency to highlight the priorities of Africa and the global south.

Johannesburg

G20 shared goals 'outweigh differences' as summit ends

After running a day overtime, delegates at COP30, the United Nations climate summit in Belém, Brazil, finally reached a deal on a final agreement, but one that falls well short of the high expectations held by many delegates, environmental groups and NGOs.

Belém

COP30 climate deal falls short of expectations

Washington signaled room for negotiation on a 28-point plan to end the Ukraine war, denying claims by some U.S. senators that it is a Russian "wish list," as Kyiv and European allies criticized the proposal ahead of Sunday talks in Geneva.

Geneva

Europeans push for stronger deal for Ukraine as Geneva talks continue

The United States is set to launch a new phase of Venezuela-related operations in the coming days, four U.S. officials told Reuters, as the Trump administration steps up pressure on President Nicolas Maduro's government.

U.S. to launch new phase of Venezuela operations, sources say

Premier Li Qiang said Beijing wants to work with Pretoria to safeguard the multilateral trading system.

Breakdown