What we’re reading (1/11)
“Computer Breakdown Sows Chaos Across US Air Travel System” (AP News). “Thousands of flights across the U.S. were canceled or delayed Wednesday after a system that offers safety information to pilots failed, and the government launched an investigation into the breakdown, which grounded some planes for hours.”
“Big Cuts Are Coming to Goldman Sachs” (Wall Street Journal). “Job cuts have begun at Goldman Sachs. A wave that’s expected to grow to as many as 3,200 layoffs, one of the largest by the bank since the 2008 financial crisis, started on Tuesday, including at its premier equity capital markets division, sources told DealBook. More across-the-board cuts are expected to be announced on Wednesday.”
“Why Your Gas Bill Might Be Way Higher This Winter” (Vox). “Compared with last winter, the average household will spend 28 percent more this year to heat a home with gas, according to the US Energy Information Administration. That number will be higher still if the winter turns out to be colder than expected, and it conceals some regional variation: in Southern California, one utility is warning of ‘shockingly high’ January bills.”
“The Great Re-Evaluation” (Arnold Kling, The Great Re-Evaluation). “I think that the pandemic accelerated people’s re-evaluations of many of their commitments. We came out of it more strongly committed to activities we value highly, including passionate interests and family relationships. But we became less committed to jobs and classes that have only instrumental value to us. Young people were affected the most.”
“Forget Core CPI, Market Pros Are Searching For Supercore Inflation” (Wall Street Journal). “When the Labor Department releases its latest inflation reading on Thursday, most investors will still look first at the monthly change in the so-called core consumer-price index, which excludes food and energy categories to provide a better sense of inflation’s longer-term trajectory. Some, though, will quickly look past that number to metrics such as core services excluding housing—or even core services excluding housing and medical care. And even that won’t be entirely satisfying.”
