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Key US inflation measure posts biggest jump since 1990s

A US inflation measure closely watched by the Federal Reserve posted its biggest year-on-year jump since the 1990s last month, adding to pressure on President Joe Biden as his White House scrambles to tame rising costs.

The commerce department’s core personal consumption expenditure index, which strips out volatile food and energy costs, rose 4.1 per cent in October compared with a year ago.

The jump represents a significant increase from the 3.7 per cent annual rise in September, and was in line with consensus forecasts.

When energy and food prices are included, the PCE price index rose 5 per cent compared with October 2020, faster than the 4.4 per cent rise in September. The data were released as part of a report that also showed personal income rising 0.5 per cent in October compared with the preceding month, while consumption rose 1.3 per cent.

Battling high prices has become a central focus for Biden’s economic team after recent data showed US consumer price growth jumping at the fastest pace in roughly three decades, confounding hopes that inflationary pressures would be shortlived.

This month, the Fed began winding down its monthly $120bn asset purchase programme, the pace of which suggests it could end in June 2022.

Minutes of the Fed monetary policy committee’s November meeting, also released on Wednesday, showed that officials “stressed that maintaining flexibility” was important as the programme is gradually eased, with certain committee members advocating that the central bank more quickly tighten policy in the face of strong inflation.

Some policymakers said at the meeting that they believed a speedier taper would put the committee “in a better position” to tweak policy in light of high inflation. But the minutes on the whole did not indicate a committee biased towards an acceleration, with “a number of participants” stressing a “patient attitude”.

Inflation has accelerated this year alongside a jump in wages, fuelled by multiple rounds of stimulus cheques and employers competing for new workers. Incomes rose 0.5 per cent last month, following a 1 per cent drop in September.

The latest data come as applications for US unemployment benefits fell to their lowest weekly level in more than five decades on Wednesday, as filings slowed heading into the Thanksgiving holiday and with business struggling to recruit staff amid labour shortages.

State unemployment offices received 199,000 initial jobless claims on a seasonally adjusted basis last week, down from 270,000 the previous week, according to the labour department. That brought jobless claims to their lowest level since November 1969, and compares with a previous low of 205,000 in February 2020.

Claims also slipped more than economists had anticipated, with an average estimate of 260,000 for the week.

“It is fair to say that we didn’t see that coming,” said Mark Hamrick, senior economic analyst at Bankrate.

“Americans head into the heart of the holiday season with a reasonable expectation that an already tight job market will continue to tighten in the months ahead,” he added.

Some economists cautioned against reading too much into the report, noting that last week’s unadjusted figure for initial claims rose by 18,000.

There were 2m Americans actively collecting benefits as of November 13, below the 2.1m continuing claims recorded a week earlier. Continuing claims remain above pre-pandemic levels of about 1.7m.

Lay-offs have slowed as employers struggle to hire staff and keep the workers they already have, with a record number of Americans quitting their jobs in a tight labour market.

Over the past four weeks, the US has averaged about 252,000 initial claims per week, down from 345,000 in early October.

A separate report from the Census Bureau on Wednesday said new orders for long-lasting goods such as cars and kitchen appliances fell 0.5 per cent in October from the previous month, as factories continued to wrestle with shortages of parts and labour. Unfilled durable goods orders were up 0.2 per cent in a sign of strong demand.

The US economy expanded at a 2.1 per cent annualised rate in the third quarter, up from an initial estimate of 2 per cent, according to an update from the Bureau of Economic Analysis. The revised figure reaffirmed that growth slowed sharply during the quarter, dragged down by supply chain bottlenecks.

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A key measure of inflation rose to a 31-year high in October

A deluge of economic data ahead of the Thanksgiving holiday highlights how the pandemic economy is still very much in flux.

Stripping out food and energy costs, which tend to be more volatile, prices rose 4.1% over the period, the most since January 1991.

Meanwhile, the same inflation gauge grew at annualized rate of 5.3% in the third quarter, the BEA reported earlier Wednesday morning. That compares with an increase of 6.5% in the second quarter. While that’s good news in principle, prices are still very high.
The Federal Reserve expects the elevated levels of inflation to stick around for a while before eventually abating as the supply chain bottlenecks and demand imbalances resolve themselves over time. That means even though inflation won’t disappear with a snap of a finger, the central bankers expect it will come down significantly next year, the meeting minutes of the Fed’s last get-together revealed Wednesday.
Wednesday’s data also updated the pace of US economic growth between July and September to 2.1% on an annualized basis, slightly less than economists had predicted. An initial report last month said the economy had grown at a rate of 2% last quarter. The little bump was due to strong consumer spending in spite of the high prices.

Even so the economy grew at a much weaker pace in the third quarter than in the three months before, when the pace of growth was 6.7%. Over the summer, the growing supply chain challenges, along with worries about the rapidly spreading Delta variant of the coronavirus weighed on the recovery.

Growth may have slowed over the summer, “but there is lots to give thanks for with a growth boom expected in the final quarter of the year,” said Chris Rupkey, chief economist at FWDBONDS LLC.

Economists expect that abating Delta worries, along with a faster pace of recovery in the labor market and rising wages, will make for a strong end to the year.

Spending into the holiday season

Even though prices are high, Americans can afford to spend their hard earned cash. At least for now. Concerns are brewing that inflation could rise to a level that will keep people from spending, which would be bad news for the recovery.

High prices have consistently shown up in measures of consumer sentiment and are weighing on how people feel about the economy.
The University of Michigan’s consumer sentiment tracker for November looked slightly better than an initial read of the data earlier in the month, but the message still remained the same:

“Consumers expressed less optimism in the November 2021 survey than any other time in the past decade about prospects for their own finances as well as for the overall economy,” and that was down to the high inflation, said Richard Curtin, chief economist of the Survey of Consumers, on Wednesday.

“Complaints about falling living standards doubled in the past six months and quintupled in the past year,” he added.

Survey participants expect their incomes to decline when adjusted for inflation, but for the holidays that won’t make a difference yet. The desire to have a “normal” holiday season is strong, according to Curtin, and accumulated savings will help Americans spend big this year in spite of higher prices.

Wednesday’s data also showed this trend: In October, incomes increased 0.5%, while disposable incomes rose 0.3%. That was up from September when incomes fell. Meanwhile, spending increased 1.3% in October.

The savings rate fell to 7.3%, the lowest level since December 2019.

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Minneapolis voters reject policing overhaul ballot measure prompted by George Floyd’s murder

The status quo-affirming result is a setback to both citywide and national efforts to fundamentally reduce or eliminate the role of police in America.

Talk of curbing police departments by cutting or limiting their resources has run into a countervailing wall of concern over public safety and waning support from early allies — including leading Democrats who largely view “defund the police” messaging as political poison.

The vote marked a significant setback for activists dedicated to defunding or dismantling a police department that had for years been confronted with accusations of racism and the use of excessive force. Tuesday night was the first time voters in Minneapolis had the chance to weigh in on a concrete proposal to overhaul policing, and they rejected it by a 13% margin.

Voters on both sides of the public safety measure agreed that the way Minneapolis police operate now is not acceptable. The question on the ballot posed one way of changing that, and voters found the plan to give control of public safety related departments to the city council and eliminate the requirement to employ police officers unacceptable.

Proponents of (the ballot measure), the burden was on them to demonstrate to voters they had an implementable vision that addressed aspects of policing and public safety important to Minneopolitans,” said Leili Fatehi, spokeswoman for the campaign opposed to the measure. “They did not do that. They did not present and amendment that changed the way police are recruited, changed the way they’re disciplined, changed the way they’re held accountable. It didn’t do any of those things. That’s ultimately why people rejected a vague hope for restructuring without specificity.”

City council candidates who opposed the public safety measure appeared to retain their seats, while two challengers who opposed it unseated incumbent councilors who supported the measure.
Minneapolis City Councilmember Phillipe Cunningham, who spearheaded a similar ballot initiative, called the results “really unfortunate.” He lost his seat to a challenger Tuesday.

“We have just seen a clear backlash to progress in our city,” said Cunningham.

Floyd’s murder on Memorial Day in 2020, captured on video by a bystander and the video went viral on social media, set off a tinderbox. In response to protests that drew national attention, Minneapolis city councilors gathered in a city park and pledged to dismantle the police department.

Mayor Jacob Frey was confronted outside his home in June 2020, shortly after Floyd’s murder, and jeered when he refused to commit to abolishing the police department — a much more ambitious step than was proposed in the ballot initiative on Tuesday. A day after Frey’s confrontation with protesters, nine members of the city council announced plans to begin “the process of ending the Minneapolis Police Department.”

“We committed to dismantling policing as we know it in the city of Minneapolis and to rebuild with our community a new model of public safety that actually keeps our community safe,” Council President Lisa Bender told CNN at the time.

Weeks later, the council voted unanimously to begin a process that would dismantle the police department and replace it with a “department of community safety and violence prevention.”

The move was greeted by activists who, as surges of anger pulsed through cities (and even some suburbs), saw an opportunity to realize reforms that had previously been viewed as impossible. What followed was almost 18 months of litigation and other fights through city bureaucracy about the scope of possible change, largely because of a constitution-like document governing the city’s structure and the police department’s role that is not easy to change.

Despite the measure’s failure, proponents hope city officials will take into consideration the thousands of voters who signed a petition to get the measure on the ballot and who voted for its passage.

“We didn’t lose the campaign because our vision for expanded public safety was radical, we lost because (opponents) repeated the same vision and told people they could deliver it without structural change,” said JaNaé Bates, spokeswoman for the “Yes” campaign. “Attaching to that lie and selling it to folks is frustrating, but it does make me proud to know we have expanded the conversation in Minneapolis, that policing and public safety are not synonymous.”

The question on the ballot Tuesday, of whether to do away with the Minneapolis Police Department and replace it with a Department of Public Safety, resulted from a petition drive following Floyd’s murder.

More people cast their ballots early this year than any other Minneapolis election in 45 years. Early voting was up 143% compared to the 2017 municipal election, and up 488% compared to the 2013 municipal election. By about five hours into Election Day, about 30% of registered voters had cast a ballot early, by mail, or in person.

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Minneapolis voters reject measure to replace police department

Voters in Minnesota’s largest city have rejected what would have been an unprecedented move to dismantle the police department at the ballot box Tuesday following calls for reform following the death of George Floyd. 

The measure asked voters if they favored amending the city’s charter to replace the Minneapolis Police Department with a Department of Public Safety. The initiative would have removed language from the charter related to the agency, including minimum funding requirements, and would have divided control of public safety between the mayor and City Council. 

The question failed 57% to 44%, according to the results released by the Minnesota Secretary of State’s office with 133 of 136 precincts reporting. It needed 51% of voter approval to pass. 

AUSTIN, TEXAS, DEFUNDED ITS POLICE DEPARTMENT. NOW VOTERS WILL DECIDE IF CITY NEEDS MORE OFFICERS

Minneapolis Police Chief Medaria Arradondo addresses the media regarding the proposed charter amendment that would replace the police department, during a new conference at St. Mary’s Greek Orthodox Church lasy week in Minneapolis. 
(Elizabeth Flores/Star Tribune via AP)

It would have essentially removed power from the mayor and police chief in an effort to re-imagine policing. Tuesday’s vote comes as Minneapolis is experiencing an uptick in violent crime similar to other cities.

MINNEAPOLIS POLICE DEPARTMENT REFERENDUM: MULTIPLE CARJACKINGS IN 90 MINUTE PERIOD DAY BEFORE CRUCIAL VOTE

According to the ballot language, the public safety department would have employed a “comprehensive public health approach” to policing, putting a greater emphasis on public health, specifically mental health. 

The measure was spearheaded by Yes 4 Minneapolis, a coalition of businesses and other groups, which gathered 22,000 signatures to put it on the ballot, which was a battle in itself after it became the subject of legal challenges. The Minnesota Supreme Court ruled in September that voters could decide on the matter. 

Lawn signs conflict with each other outside of a polling place on Tuesday in Minneapolis. (AP Photo/Christian Monterrosa)

The goal, the group said, was to have options other than officers for responses to non-police-related calls. Fox News has reached out to the organization and the Police Officers Federation of Minneapolis. 

Advocates insisted the measure was not meant to defund the police. As of Oct. 9, the police department had 591 sworn officers, down from 853 in 2018, a police spokesperson told Fox News. 

“I am disappointed that people appear to be coming from a place of fear,” Erica Mauter, a Minneapolis resident who supported the measure, told Fox News Tuesday night. “When we’re uncertain about the future or when change feels tenuous, we want to go back to what made us feel comfortable and to what we already know. We have to challenge ourselves to have some imagination about different paths to a safer Minneapolis.”

Even in defeat, Mauter, 43, said she is hopeful incremental steps can be taken.

Opponents raised concerns over the measure’s vague language and a perceived lack of a transitional implementation plan if it were to pass. 

Another question on the same ballot also asked voters if they favored consolidating the rest of the city’s municipal departments under the mayor, similar to how the police department is currently organized. 

Voters emerge from Sabathani Community Center after casting their ballots during municipal elections Tuesday in Minneapolis. (David Joles /Star Tribune via AP)

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Tuesday gave Minneapolis voters their first chance to give their input on police reform since the May 2020 death of George Floyd by former White Minneapolis police officer Derek Chauvin and the subsequent nationwide protests, riots, court battles and promises by elected officials to overhaul how communities, particularly ones of color, are policed. 

The ballot question split Democrats with some like Minneapolis Mayor Jacob Frey, who is running for a second term, and Minnesota Gov. Tim Walz opposed. Others like State Attorney General Keith Ellison and U.S. Rep. Ilhan Omar supported the measure.

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Scientists Measure the Atmosphere of a Planet in Another Solar System 340 Light-Years Away

An artist’s concept of a “hot Jupiter” extrasolar planet. Credit: NASA, ESA, and L. Hustak (STScI)

An international team of scientists, using the ground-based Gemini Observatory telescope in Chile, is the first to directly measure the amount of both water and carbon monoxide in the atmosphere of a planet in another solar system roughly 340 light-years away.

The team is led by Assistant Professor Michael Line of Arizona State University’s School of Earth and Space Exploration, and the results were published today (October 27, 2021) in the journal Nature.  

There are thousands of known planets outside of our own solar system (called exoplanets). Scientists use both space telescopes and ground-based telescopes to examine how these exoplanets form and how they are different from the planets in our own solar system. 

For this study, Line and his team focused on planet “WASP-77Ab,” a type of

By measuring the Doppler shift illustrated in the right column of this figure, scientists can reconstruct a planet’s orbital velocity in time toward or away from Earth. The strength of the planet signal as shown in the middle column, along the expected apparent velocity (navy dashed curve) of the planet as it orbits the star, contains information on the amounts of different gases in the atmosphere. Credit: P. Smith/M. Line/S. Selkirk/ASU

“These amounts were in line with our expectations and are about the same as the host star’s,” Line said. 

Obtaining ultra-precise gas abundances in exoplanet atmospheres is not only an important technical achievement, especially with a ground-based telescope, it may also help scientists look for life on other planets. 

“This work represents a pathfinder demonstration for how we will ultimately measure biosignature gases like oxygen and methane in potentially habitable worlds in the not-too-distant future,” Line said.   

What Line and the team expect to do next is repeat this analysis for many more planets and build up a “sample” of atmospheric measurements on at least 15 more planets. 

“We are now at the point where we can obtain comparable gas abundance precisions to those planets in our own solar system. Measuring the abundances of carbon and oxygen (and other elements) in the atmospheres of a larger sample of exoplanets provides much needed context for understanding the origins and evolution of our own gas giants like Jupiter and (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

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Scientists measure the atmosphere of a planet 340 light-years away

An artist’s concept of a “hot Jupiter” extrasolar planet. Credit: NASA, ESA, and L. Hustak (STScI)

An international team of scientists, using the ground-based Gemini Observatory telescope in Chile, is the first to directly measure the amount of both water and carbon monoxide in the atmosphere of a planet in another solar system roughly 340 light-years away.

The team is led by Assistant Professor Michael Line of Arizona State University’s School of Earth and Space Exploration, and the results have been recently published in the journal Nature.

There are thousands of known planets outside of our own solar system (called exoplanets). Scientists use both space telescopes and ground-based telescopes to examine how these exoplanets form and how they are different from the planets in our own solar system.

For this study, Line and his team focused on planet “WASP-77Ab,” a type of exoplanet called a “hot Jupiter” because they are like our solar system’s Jupiter, but with a temperature upwards of 2,000 degrees Fahrenheit.

They then focused on measuring the composition of its atmosphere to determine what elements are present, compared with the star it orbits.

“Because of their sizes and temperatures, hot Jupiters are excellent laboratories for measuring atmospheric gases and testing our planet-formation theories,” Line said.

While we cannot yet send spacecraft to planets beyond our solar system, scientists can study the light from exoplanets with telescopes. The telescopes they use to observe this light can be either in space, like the Hubble Space Telescope, or from the ground, like the Gemini Observatory telescopes.

Line and his team had been extensively involved in measuring the atmospheric compositions of exoplanets using Hubble, but obtaining these measurements was challenging. Not only is there steep competition for telescope time, Hubble’s instruments only measure water (or oxygen) and the team needed to also gather measurements of carbon monoxide (or carbon) as well.

This is where the team turned to the Gemini South telescope.

“We needed to try something different to address our questions,” Line said. “And our analysis of the capabilities of Gemini South indicated that we could obtain ultra-precise atmospheric measurements.”

Gemini South is an 8.1-meter diameter telescope located on a mountain in the Chilean Andes called Cerro Pachón, where very dry air and negligible cloud cover make it a prime telescope location. It is operated by the National Science Foundation’s NOIRLab (National Optical-Infrared Astronomy Research Laboratory).

By measuring the Doppler shift illustrated in the right column of this figure, scientists can reconstruct a planet’s orbital velocity in time toward or away from Earth. The strength of the planet signal as shown in the middle column, along the expected apparent velocity (navy dashed curve) of the planet as it orbits the star, contains information on the amounts of different gases in the atmosphere. Credit: P. Smith / M. Line / S. Selkirk / ASU

Using the Gemini South telescope, with an instrument called the Immersion GRating INfrared Spectrometer (IGRINS), the team observed the thermal glow of the exoplanet as it orbited its host star. From this instrument, they gathered information on the presence and relative amounts of different gases in its atmosphere.

Like weather and climate satellites that are used to measure the amount of water vapor and carbon dioxide in Earth’s atmosphere, scientists can use spectrometers and telescopes, like IGRINS on Gemini South, to measure the amounts of different gases on other planets.

“Trying to figure out the composition of planetary atmospheres is like trying to solve a crime with fingerprints,” Line said. “A smudged fingerprint doesn’t really narrow it down too much, but a very nice, clean fingerprint provides a unique identifier to who committed the crime.”

Where the Hubble Space Telescope provided the team with maybe one or two fuzzy fingerprints, IGRINS on Gemini South provided the team with a full set of perfectly clear fingerprints.

And with clear measurements of both water and carbon monoxide in the atmosphere of WASP-77Ab, the team was then able to estimate the relative amounts of oxygen and carbon in the exoplanet’s atmosphere.

“These amounts were in line with our expectations and are about the same as the host star’s,” Line said.

Obtaining ultra-precise gas abundances in exoplanet atmospheres is not only an important technical achievement, especially with a ground-based telescope, it may also help scientists look for life on other planets.

“This work represents a pathfinder demonstration for how we will ultimately measure biosignature gases like oxygen and methane in potentially habitable worlds in the not-too-distant future,” Line said.

What Line and the team expect to do next is repeat this analysis for many more planets and build up a “sample” of atmospheric measurements on at least 15 more planets.

“We are now at the point where we can obtain comparable gas abundance precisions to those planets in our own solar system. Measuring the abundances of carbon and oxygen (and other elements) in the atmospheres of a larger sample of exoplanets provides much needed context for understanding the origins and evolution of our own gas giants like Jupiter and Saturn,” Line said.

They also look forward to what future telescopes will be able to offer.

“If we can do this with today’s technology, think about what we will be able to do with the up-and-coming telescopes like the Giant Magellan Telescope,” Line said. “It is a real possibility that we can use this same method by the end of this decade to sniff out potential signatures of life, which also contain carbon and oxygen, on rocky Earth-like planets beyond our own solar system.”


Astronomers provide ‘field guide’ to exoplanets known as hot Jupiters


More information:
Michael R. Line et al, A solar C/O and sub-solar metallicity in a hot Jupiter atmosphere, Nature (2021). DOI: 10.1038/s41586-021-03912-6
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Miami private school orders vaccinated students to stay at home for 30 days as ‘precautionary measure’

A private school in Florida will require vaccinated students to stay home for 30 days after each COVID-19 vaccination dose they receive. 

“Because of the potential impact on other students and our school community, vaccinated students will need to stay at home for 30 days post-vaccination for each dose and booster they receive and may return to school after 30 days as long as the student is healthy and symptom-free,” said a letter sent last week to parents at Centner Academy in Miami said, according to WSVN, a local television station.

The letter suggested that parents consider vaccinating their children in the summer “when there will be time for the potential transmission or shedding onto others to decrease.”

The Centers for Disease Control and Prevention (CDC) has quashed misleading claims that vaccines against COVID-19 may make recipients spreaders of the virus.  

“Vaccine shedding is the term used to describe the release or discharge of any of the vaccine components in or outside of the body. Vaccine shedding can only occur when a vaccine contains a weakened version of the virus,” the CDC’s website said. “None of the vaccines authorized for use in the U.S. contain a live virus.”

In a statement to The Washington Post, David Centner, one of the school’s founders, said that the decision was a “precautionary measure” based on “numerous anecdotal cases that have been in circulation.”

“The school is not opining as to whether unexplained phenomena have a basis in fact, however we prefer to err on the side of caution when making decisions that impact the health of the school community,” Centner added to the Post.

The same school has a history of spreading inaccurate vaccine information and received attention in April when it asked teachers to hold off on getting their COVID-19 shots. 

“We’re not telling teachers that they can’t get [the vaccine], we’re just simply asking that they hold off a little bit,” Joshua Hills, a parent and Centner Academy employee, said at the time, per WSVN.

“We’re not anti-vaxxers, we’re in favor of safe vaccines,” Hills added to WSVN. “Are these vaccines, is this injection 100 percent safe? As a parent of two children that go to this school, I’m not willing to take the chance on a question mark.”

The seven-day daily COVID-19 case average in Florida stood at 2,600 cases as of Sunday, as the state’s leadership remains opposed to vaccine mandates. 

Just last week, Florida Gov. Ron DeSantisRon DeSantisSupport for governors sliding in states without vaccine mandates: survey Vaccine ‘resisters’ are a real problem Republicans’ mantra should have been ‘Stop the Spread’ MORE (R) vowed to sue the Biden administration over its employer vaccine mandate.

“Let’s not have Biden come in and effectively take away — threaten to take away — the jobs of people who have been working hard throughout this entire pandemic,” DeSantis said at a press conference last week. 

When asked for comment on the matter, DeSantis’s Press Secretary Christina Pushaw referenced a Florida law that says “businesses and government entities are prohibited from requiring COVID-19 vaccine passports as a condition of entry or service.”

The Hill has reached out to the Centner Academy and DeSantis for comment.



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US debt ceiling measure heads to the House as partisan tensions flare – live | US news











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US economy adds far fewer jobs than expected in September











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Debt limit deal heads to the House amid partisan tensions



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A key measure of inflation surged to a new 30-year high

Stripping out food and energy prices, which tend to be volatile, the inflation measure stood at 3.6%, where it has been since June. It remains the fastest rate of so-called core inflation since March 1991 and well above the Federal Reserve’s target of 2%.

The PCE inflation gauge is one of many, and they’re not all pointing in the same direction: The consumer price inflation index came off a 13-year high in August, for example. But the PCE index is the Federal Reserve’s preferred measure of inflation.

The continued surge in PCE inflation has led the Fed to signal that it will begin to wind down its emergency economic stimulus — even though the US economic recovery has shown signs of a slowdown in recent months.

Pay raises and price hikes

Although prices rose sharply, American incomes increased at only a modest pace, up 0.2% or $35.5 billion. Disposable income was up by even less — just 0.1% or $18.8 billion.

These increases were partly due to higher wages as companies are trying to attract and retain workers while a shortage of labor is weighing on many businesses. In government benefits, the advance Child Tax Credit payments under the American Rescue Plan helped add to incomes. Friday’s report does not yet reflect the end to the enhanced pandemic unemployment benefits, which rolled off at the start of September.

And yet Americans kept going out to spend their cash. Consumer spending rose 0.8% or $130.5 billion in August, split pretty evenly between good and services.

“Households still have plenty left in the tank given rising employment and wages, soaring net worth (as home prices reach for the sky), and massive excess savings,” said BMO Senior Economist Sal Guatieri in a note to clients. “However, rising prices are eating into spending power,” he added.

Consumers remain the backbone of the US economy. If inflation got so high that people would rather save their money than spend it, America’s economy would be in a really tight spot.

That said, the rate of savings has soared during the pandemic. In August, it stood at 9.4%.

Given the ongoing threat of new Covid-19 infections through the Delta variant and the colder months with fewer outdoor activities looming, people’s services spending could get curtailed.

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Teen gets USB cable stuck in penis in backfired attempt to measure length

He backed up his hard drive — and his penis.

A U.K. teen had to undergo emergency surgery after a bananas attempt to measure his manhood resulted in him getting a USB cable lodged in his urethra.

The phallic fiasco reportedly began after an unnamed 15-year-old boy was “triggered by sexual curiosity” and inserted a USB wire into his urethra, per a wince-worthy study published in the medical journal Urology Case Reports.

The sexperiment backfired when the cable became lodged in the curious teen’s scrotum like an electronic catheter. Despite attempts to extract it himself, the USB cord became tangled so terribly that both ends were left hanging out of his wired willy.

In a bizarre attempt to measure his penis, a UK teen was rushed to a hospital after trying to insert a USB wire into his urethra.
(AP Photo/Kyle Gree)

HORSE TRANQUILIZER CROPS UP IN OVERDOSE DEATHS AROUND US

The plugged-up boy’s family transported him to the hospital after he began urinating blood. After initial attempts to remove the wire failed, the teen was transferred to University College Hospital London to see if they could extricate the intra-penile measuring tape.

Per the report, the embarrassed boy asked to speak to doctors without his mother present, whereupon he “confessed” to his frightening escapade.

Subsequent X-rays revealed that there was a veritable Gordian Knot of USB wire inside the teenager, which required surgeons to make an incision in the region between his genitals and anus to yank it out. They pulled the spooled end through the hole first, cutting it free from the rest of the wire before removing the remaining bits — literally pulling the plug.

Thankfully, the boy recovered without incident and was discharged from the hospital the following day. However, he did have to undergo a follow-up scan two weeks later and will require monitoring in the future.

US OVERDOSE DEATHS HIT RECORD 93,000 AMID CORONAVIRUS LAST YEAR

He should thank his lucky stars. Inserting foreign objects in one’s private parts can lead to a host of complications, from urinary tract infections to urethral injuries, London andrologist Amr Raheem told the Daily Mail.

It’s unclear why someone would engage in this type of invasive member-measuring method, but experts say it often stems from “sexual curiosity, sexual practice after intoxication, and mental disorders such as borderline, schizoaffective and bipolar personality disorders,” per the study, which noted that “the patient was an otherwise fit and healthy adolescent with no history of mental health disorders.”

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Experts have also blamed “sounding,” a strange proclivity defined by inserting foreign bodies in one’s urethra. Last month, a randy Michigan man was left struggling to pee after he got six kidney beans lodged in his urethra during a bizarre attempt at sexual gratification.

Unfortunately, Raheem said phallus-filling maneuvers are “becoming more common as everything is thanks to social media and in general the easier ways that misinformation can be spread.”

This story first appeared in the New York Post

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