Thanksgiving dinner might not be as expensive this year — and other economic happenings

Welcome back to The Work Shift, a weekly newsletter that keeps you informed about the economy, labor market and evolving world of work through data-driven insights. Click subscribe to be notified of future editions.

Catch up on the headlines from the last 7 days.

• Thanksgiving dinner might be cheaper than you expected this year. Read more about this below.
• Wholesale prices unexpectedly fell the most since April 2020, led by fuel costs. Coupled with the latest Consumer Price Index report, the shift suggests the downward pressure on prices may continue.
• The labor market is showing signs of cooling. Last week, initial claims for jobless benefits — a proxy for layoffs — rose to the highest level in three months.
• There are more international students on college campuses these days. The number has jumped 12% for the 2022-2023 academic year, thanks to a boost in enrollment by students from India.
• Disability is on the rise, according to the U.S. Census Bureau. About 16.5 million adults now have a disability, up from 15 million before the pandemic. Two-thirds of those new cases are people battling brain fog, potentially partially due to long COVID.

Take a closer look at recent trending topics — and engage with meaningful conversations happening on LinkedIn.

How inflation is impacting Thanksgiving

• Inflation eased more than expected in October as gasoline prices fell. The Consumer Price Index released last week cooled to an annual rate of 3.2%, down from 3.7% in September. This is closer to the Federal Reserve’s commitment to a 2% target rate. The Fed next meets to set interest rates in mid-December.
• Thanksgiving dinner, then, might not break the bank this year. A new survey from the American Farm Bureau Federation shows a Thanksgiving meal for 10 people featuring 12 classic items will cost an average total of $61.17, or $6.12 per person. That’s a 4.5% drop from last year’s record of $64.05. 
• “Americans might have a bit more to be thankful about this Thanksgiving season because of more ample supplies of turkeys, translating to lower prices,” Mark Hamrick, an economic analyst, commented. A 16 pound turkey now averages $27.35, down 5.6% from last year. Farmers attribute this in part to last year’s avian influenza. 
• “Despite the year-over-year relief, the cost is still 25% higher compared to 2019,” Economist Betty Resnick commented. Everything is still feeling more expensive, and that’s leading to the expectation that Americans are planning to pull back spending this holiday season. The day after Thanksgiving remains the most popular day to shop in the U.S., but expectations are offset by persistent inflation and higher borrowing costs. It could mean more of a “Bleak Friday” than a “Black Friday.”

Where most employees are working

• Does your work environment match your preferences? For most U.S. employees, the answer is yes. According to LinkedIn’s latest Workforce Confidence survey, 61% of those who currently work onsite actually prefer to do so, while 60% of hybrid employees also prefer their working arrangement. 
• Research shows these workers may enjoy increased camaraderie and better opportunities to develop professionally. That’s why activist Corvin K. prefers a hybrid environment. “It’s great to have the opportunity to collaborate with your team in person,” she commented. “However, I think that creating the opportunity to work from home part of the week increases your work-life balance and creates a better sense of independence and ownership in your work.”
• Still, a third of employees are not working where they would like. For those who work mostly onsite, 37% would actually prefer working a hybrid or remote schedule. More flexible schedules are getting harder to come by these days — major companies like Amazon are ratcheting up return-to-office mandates and remote work is looking less common across all job postings in the U.S. these days.

Which B-schools are best for career growth

• Getting an MBA is a sizable investment — especially as a number of companies dial back hiring MBA candidates amid a shaky economy. But for some, pursuing business school may be exactly the right move in times of uncertainty. “I started an MBA during the 2000 recession,” career coach Laura Reifel commented. “I was frustrated by promotions being on hold due to the economy and my company paid the entire cost except $2,000” she continued. 
• “I thought there wouldn’t have been enough ROI for me if I had to pay for it myself, but I doubled my salary within four years so it ended up being the best thing I could have done,” Reifel said. A recent LinkedIn analysis found that it’s not just a salary booster. The degree can help you get ahead faster, opening the door to leadership opportunities and larger professional networks — and some schools are better at that than others. 
• Harvard Business School leads LinkedIn’s inaugural Top MBA Programs list, a ranking of business schools in the U.S. based on exclusive LinkedIn data that analyzes career outcome metrics such as job placement rates, advancement to senior-level positions and network strength. Not sure if an MBA is right for you? Check out what you should consider before heading back to campus. If you know an MBA doesn’t make sense for you, here’s how else you can upskill and get ahead in your career. You can also take a look at how to pay for the degree, which industries and employers are the most welcoming to MBA grads, where MBA-educated talent frequently moves after graduating and more.

Get ready for the week by seeing what's coming up.

Tuesday, November 21:

• The National Association of REALTORS® will release its monthly report measuring the number of existing homes sold in October.
• The Federal Open Market committee will release the minutes from its last policy-setting meeting held last month. The minutes can potentially provide insight into future monetary policy.

Wednesday, November 22:

• The U.S. Census Bureau will release its monthly report on durable goods orders, which measures manufacturing activity.
• The U.S. Department of Labor will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
• The University of Michigan will release its reading of November’s Consumer Sentiment Index, which measures how Americans feel about current and future economic conditions.