Several economic data releases had to compete with commotion about the new “Chief Twit” and stock market reaction to all of the earnings announcements this week. Read on for this week's top finance news.

Economics

• The Fed’s preferred measure of inflation, the PCE price index, rose in September by rates similar to last month (6.2% year-over-year and 5.1% for core PCE). And the quarterly Employment Cost Index came in at a similar increase to the second quarter. The NYT reviews this data and what it may mean for the Fed’s upcoming FOMC.
• Consumer spending rose in both nominal and real terms in September, and wage growth moderated. (Reuters)
• Third quarter GDP rose 2.6% on an annual basis in the 3^rd quarter, following two quarters of small declines. This was better than expected, but did not necessarily signal significant growth given the components of GDP that drove the increase. (CNBC) (Reuters)
• The European Central Bank raised its target interest rate by 75 basis points this week. (The FOMC meets next week.) (Reuters)
• Lending club released results of it’s 15^th Reality Check: Paycheck-To-Paycheck research series, finding that 65% of employed consumers are living paycheck to paycheck. (PRNewsWire)
• Economic data suggest people are spending more on services like dining out, but restaurant operating hours are still shorter than they were in 2019. (CNBC)
• A mild fall and conservation measures have left Europe with too much natural gas, not too little. (Yahoo Finance, AP News)

Markets

• Is it better to own stocks or bonds in the current environment? Wealth of Common Sense gives you lots of data to help you decide.
• Twitter is no longer a public company. Read all about Musk’s takeover. (AP)
• Here is the Yahoo Finance Friday market roundup.

Managing Credit

• BNPL is becoming much more mainstream in terms of users and where it is available. (CNBC)

Other Articles of Interest

• L. Dre explains in this video how artists are paid for streams.   It is enlightening. (YouTube)
• The New York Times published this year’s winning college essays about money.
• Anna May Wong will become the first Asian American on a U.S. coin. (NPR)
• According to a Pew Research study, the percentage of people getting their news from TikTok has tripled in about two years. (The Verge)

About the Author

Beth Tallman

Beth Tallman entered the working world armed with an MBA in finance and thoroughly enjoyed her first career working in manufacturing and telecommunications, including a stint overseas. She took advantage of an involuntary separation to try teaching high school math, something she had always dreamed of doing. When fate stepped in once again, Beth jumped on the opportunity to combine her passion for numbers, money, and education to develop curriculum and teach personal finance at Oberlin College. Beth now spends her time writing on personal finance and financial education, conducts student workshops, and develops finance curricula and educational content. She is also the Treasurer of Ohio Jump$tart Coalition for Personal Financial Literacy.