1. U.S. Inflation Accelerates in October
2. New York City Faces $7.9 Billion Federal Funding Cut
3. Boeing Begins 17,000 Job Cuts
4. New York Abolishes Rental Broker Fees
5. AMD Announces 4% Workforce Reduction
6. JBS Profits Surge Sixfold Due to Booming Chicken Demand
7. VF Corp., Owner of The North Face and Vans, Faces Credit Downgrade
1. U.S. Inflation Accelerates in October
The U.S. Bureau of Labor Statistics released data today showing that core inflation (Core CPI), which excludes food and energy costs, increased by 0.3% in October. Over the past three months, it has risen at an annualized rate of 3.6%, marking the fastest pace since April.
The overall CPI rose by 0.2% month-over-month and 2.6% year-over-year, in line with expectations. This also marks the first year-over-year acceleration since March, with housing costs accounting for half of the increase.
The data indicates that food price inflation, after easing for over a year, has picked up again, while housing costs remain high.
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2. New York City Faces $7.9 Billion Federal Funding Cut
New York City’s Democratic Comptroller, Brad Lander, stated that Trump’s election could put $7.9 billion in federal funding at risk.
Lander revealed that over the past few days, he has been assessing the financial risks posed by Trump’s potential election, factoring in his first-term policies and newly announced 2025 plans. Lander remarked that this is a choice Americans have made, and its consequences will soon be felt worldwide.
Each year, New York City receives $7.9 billion in federal funding, which accounts for 7% of its annual budget. This includes $700 million for low-income children’s schools and $545 million for free breakfast and lunch programs.
During his first term, Trump repeatedly attempted to cut funding for non-defense discretionary programs in New York.
Source：Bloomberg – NYC Finances Face $8 Billion Risk From Trump, Comptroller Warns
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3. Boeing Begins 17,000 Job Cuts
Last month, Boeing announced plans to cut 10% of its workforce, approximately 17,000 jobs. Today, the company began notifying affected employees.
Layoffs are a challenging process, as the company must balance cost-cutting with retaining its top talent to sustain production. If too many employees are cut in the wrong areas, Boeing may struggle to recover quickly from years of turmoil.
Previously, Boeing attempted to navigate its crisis by hiring in bulk, but this led to a mass exodus of skilled engineers and technicians.
Seattle’s unemployment rate stands at 4%, and demand for aerospace jobs remains high, offering Boeing employees ample opportunities elsewhere.
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4. New York Abolishes Rental Broker Fees
Today, the New York City Council voted 42-8 to pass the Fairness in Apartment Rental Expenses (FARE) Act. Under the new law, landlords, rather than tenants, will be responsible for paying broker fees.
Before the vote, council members stated that it was time to end this cruel and outdated practice.
The FARE Act is expected to improve housing affordability in New York. Previously, tenants had to pay broker fees amounting to 15% of annual rent, in addition to a one-month security deposit.
Many families were unable to move closer to their workplaces or their children’s schools due to these hefty fees.
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5. AMD Announces 4% Workforce Reduction
Chipmaker AMD announced today that it will cut 4% of its workforce, approximately 1,000 jobs. The company stated that it aims to realign resources with market demand and focus on the fastest-growing sectors.
In recent years, AMD has heavily invested in AI processors, a market dominated by NVIDIA, while also expanding into data centers and enterprise PCs. Previously, AMD focused primarily on consumer PC processors, competing with Intel.
The majority of layoffs are expected in the sales and marketing divisions for personal and gaming computers. However, the company is still actively hiring in other areas.
Cisco Systems and Intel have also announced layoffs of 6,000 and 15,000 employees, respectively.
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6. JBS Profits Surge Sixfold Due to Booming Chicken Demand
JBS, the world’s largest meat producer, announced that its net profit for the quarter ending in September reached $0.30 per share, a sixfold year-over-year increase and the highest since 2022. The surge was driven by rising global demand for chicken.
JBS and its competitor Tyson Foods have benefited from declining soybean and corn prices, as lower animal feed costs have significantly boosted profitability. The combination of reduced costs and increased revenues has propelled JBS to record-high profits.
JBS expects full-year earnings to reach between $6.9 billion and $7.1 billion, exceeding analysts’ highest projections.
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7. VF Corp., Owner of The North Face and Vans, Faces Credit Downgrade
VF Corporation, the parent company of well-known apparel brands such as Vans and The North Face, has been downgraded to junk status by S&P Global Ratings. The downgrade reflects continued sales declines across its four major brands.
S&P downgraded VF’s rating from BBB- to BB after the company’s latest earnings report showed declining revenue for Vans, The North Face, Dickies, and Timberland. If these core brands fail to regain momentum, VF could face further downgrades.
Vans and The North Face remain VF’s most critical brands.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.