Core Insights - The event focused on the release of the book "Re-reading Keynes' General Theory in the 21st Century" and the construction of an independent knowledge system in Chinese economics [1][2][4] Group 1: Book Release and Discussion - The book release event was held at Beijing Normal University, featuring a keynote speech by Professor Li Chong, who discussed the motivations, methods, content, and evaluations of re-reading Keynes' work [1][2] - The event included discussions from various prominent economists, emphasizing the importance of constructing an independent economic knowledge system in China [4][6] Group 2: Key Themes from the Discussions - Professor Li Chong highlighted the significance of Keynes' "General Theory" in modern macroeconomics and its relevance to understanding economic thought history [2][4] - The discussions compared Keynes' theories with Marx's labor value theory, stressing the need for an independent value theory in Chinese economics [4] - Emphasis was placed on integrating modern economic ideas with China's historical context and traditional culture to strengthen economic thought research [4][6] Group 3: Future Directions - The event underscored the necessity for innovative theoretical frameworks based on China's unique development practices, aiming to create a comprehensive economic knowledge system that reflects Chinese experiences and wisdom [8] - Beijing Normal University aims to promote original research rooted in China and enhance academic exchanges to contribute to the development of a distinctive Chinese economic knowledge system [8]

Data from ADP — a global human resources and payroll services software — is used to complement the usual U.S. Bureau of Labor Statistics (BLS) numbers. However, the government shutdown in October and November further obscured just how jobs are doing, due to delayed BLS’ reporting. The next jobs report is expected to be released on Dec. 16. Meanwhile, ADP’s latest monthly jobs report suggests the private sector lost 32,000 jobs in November (2).Part of the problem in establishing a consensus on how the econom ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the impact of the federal government shutdown on the U.S. economy, particularly on labor market dynamics, economic activity, and inflation trends. Core Insights and Arguments 1. **Government Shutdown Impact**: The federal government shutdown has delayed nearly all federal economic data releases for September and October, but it appears to be nearing an end with a legislative package expected to reopen the government by November 14 [2][5][6]. 2. **Labor Market Trends**: - Job growth slowed to 50,000 per month in October from 85,000 in September, indicating further softening in the labor market [2][9]. - The official nonfarm payrolls are expected to show a decline of 50,000 in October due to the impact of the government deferred resignation program [10][12]. - Layoffs have increased over the past few months, surpassing pre-pandemic levels [19][20]. 3. **GDP Growth Estimates**: - Q3 GDP tracking estimate revised up by 0.1 percentage points to 3.7%, and Q4 forecast increased by 0.3 percentage points to 1.3% due to a narrower trade deficit and stronger consumer spending [2][59]. - The GDP forecast for 2025 is now at 2% on a Q4/Q4 basis, up from 1.9% previously [59]. 4. **Consumer Spending**: - Consumer spending growth rebounded in October after a temporary pullback in September, with real personal consumption estimated to have grown at a 3% annualized pace in Q3 and projected at 1.4% in Q4 [24][25]. 5. **Business Investment**: - Equipment investment growth is expected to slow from 15% in 2025H1 to 2.3% in 2025H2 due to a deceleration in technology goods imports [33][35]. - Nonresidential structures investment is projected to rise from -5.3% in 2025H1 to 3.5% in 2025H2, reflecting a rebound in private sector construction projects [3][44]. 6. **Inflation Trends**: - Core CPI inflation is estimated to have held steady at 0.24% in October, with increases in used car prices and airfares contributing to this stability [64][65]. Additional Important Insights - The report highlights the resilience of parts of the economy outside the government sector despite the shutdown [23]. - The narrowing trade deficit is expected to contribute approximately 1 percentage point to GDP growth in 2025H2 [3][55]. - The housing market shows signs of stabilization, with residential investment growth projected to improve slightly from -3% in 2025H1 to -2% in 2025H2 [49][52]. - The report emphasizes the importance of alternative data sources in tracking economic indicators during periods of government data release delays [2][8]. This summary encapsulates the critical points discussed in the conference call, providing a comprehensive overview of the current economic landscape and projections.