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Henrik's avatar

For you Econ stats nerds out there, October’s core PCE tagged in at 2.1% today, the lowest since January 2021. We’ll see how tomorrow’s BLS report compared to what ADP printed, but between inflation and the Q3 GDP number, and the last six months of stock market rises, Harris couldn’t have asked for better last-minute economic news

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JanusIanitos's avatar

I'm not familiar with the acronym, is PCE is Personal Consumption Expenditures, which is an inflation index?

I'm a nerd for data but cannot claim any expertise on economics.

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Henrik's avatar

Yes. It’s regarded as the Fed’s “preferred” metric since it’s not as noisy/arbitrary as CPI

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ArcticStones's avatar

Imho, the Fed ought to also have a metric for CEO pay rise for, say, companies above 10,000 employees. For a truly radical idea, the Fed could deem large increases as "inflationary".

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Tom A's avatar

They could. But they arent. Whether CEOs should get as much as they do (either as a matter of social or corporate policy), they definitely dont make enough at these huge companies to impacts the price of anything.

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ArcticStones's avatar

I humbly disagree. Very high increases in CEO compensation, combined with a sense of fairness, help drive employee wage demands – which in turn impact inflation.

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Em Jay's avatar

Cue the Republicans saying Biden is cooking the books in 3...2...1...

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Mike in MD's avatar

Flashbacks to October 2012, when the late Jack Welch of GE complained that Obama was fudging a sudden drop in the unemployment rate from 8.1 to 7.8 in one month just in advance of his reelection. (Sure, Jack, so can you explain why he kept it in the 8's and 9's--at one point 10%--for virtually his entire term until then, allowing perceptions of a bad economy and poor job growth to harden?)

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Tigercourse's avatar

Jack Welch, the "brilliant" business man who almost single handily destroyed GE.

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Oceanblaze17's avatar

Like Carly Fiorina, who destroyed HP.

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Mike in MD's avatar

And there's always Elon Musk, who would probably best save or improve his reputation now by blasting off in his SpaceX and never returning.

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Oceanblaze17's avatar

As an autistic person I am embarrassed by Elon Musk.

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Zero Cool's avatar

As a fellow neurodivergent like you, I do not think someone like Musk is the best spokesperson for neurodivergent people.

However, Musk is just simply a spoiled brat and wealthy snob who just goes nuts with his agenda.

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Oggoldy's avatar

I worked for GE under Wlesh and Jeff Immelt. They were both douchebags, but GE survived them.

GE is no longer a company as of Apriln2024.

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michaelflutist's avatar

Weird. I didn't know that. I see that it was broken into three separate companies: https://en.wikipedia.org/wiki/General_Electric:

GE's final CEO Larry Culp announced in November 2021 that General Electric was to be broken up into three separate, public companies—GE Aerospace, GE HealthCare, and GE Vernova—by 2024. The new companies are respectively focused on aerospace, healthcare, and energy. GE HealthCare's spin-off was finalized on January 4, 2023. This was followed by the spin-off of GE's portfolio of energy businesses on April 2, 2024, into GE Vernova. Following these transactions, General Electric Company changed its trading name to GE Aerospace, pivoted to aviation, and ceased to exist as a conglomerate.

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Wolfpack Dem's avatar

As I often say "ah am a LIBERAL, ah ain't supposed to understand how money works."

(But thank you for keeping us up to speed as we can get.)

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Zero Cool's avatar

I expect the job numbers this month will likely be on par or higher than September's. September's jobs report was a big surprise. Fall hiring can be greater than summer hiring depending on the economy.

The Federal Reserve interest rate cut likely has made a difference for October but we'll have to see in the coming days what the job numbers are looking like.

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