Alternative Measure of October Inflation Finds It ‘Remains Firm but Not Frightening’

By Harriet Torry of The WSJ. From Nov. 13, 2025. Excerpt:

"There's no consumer-price index out today—as originally scheduled before the government shutdown—but one of the private alternatives that scrapes millions of prices from across the web suggests inflation remained relatively benign in October.

Called PriceStats, the price index—which was recently acquired by State Street and generally tracks the CPI— increased 0.16% last month, similar to its 0.24% increase in September. The PriceStats number isn’t seasonally adjusted.

“For now, inflation remains firm but not frightening,” said Michael Metcalfe, head of macro strategy at State Street."

I usually post something when the CPI comes out. So this is a substitute for that. 

Companies Predict 2026 Will Be the Worst College Grad Job Market in Five Years

Hires from the Class of 2026 will stay largely flat, employers project, as layoffs rise and AI is able to do more entry-level tasks

By Lindsay Ellis of The WSJ. Excerpts:

"Six months out from graduation season, more than half of 183 employers surveyed by the National Association of Colleges and Employers rate the job market for the Class of 2026 as poor or fair."

"The unemployment rate for recent college graduates was 4.8% in June, greater than overall unemployment that month and the highest June level for recent graduates in four years, according to a Federal Reserve Bank of New York analysis."

"employers say they expect a 1.6% increase in hiring for the Class of 2026, down considerably from their plans for the Class of 2025 last fall"

"The early-career job-search platform Handshake found that in August, full-time job postings had declined more than 16% year-over-year, and there are an average of 26% more applications per job."

"employers are falling into three buckets. Some have paused hiring amid economic uncertainty, some have laid off staff in the name of efficiency and some are growing modestly."

Other related posts:

Young Graduates Are Facing an Employment Crisis: Slow hiring is especially daunting for those just starting out; ‘Right now, I’m pretending employment doesn’t exist’ (2025) 

What Happens When a Whole Generation Never Grows Up? As American 30-somethings increasingly bypass the traditional milestones of adulthood, economists are warning that what seemed like a lag may in fact be a permanent state of arrested development (2025) 

The White-Collar Hiring Rut Is Here. That’s Bad News for Young College Grads. (2024)

The Class of 2023 Faces a Jittery Job Market: ‘The World Seems to Have Flipped on Its Head.’ (2023) 

The Class of 2020 Looks for Work (2020)

Historically, college students who graduate into a recession have settled for lower-paying jobs at less prestigious companies (2020)

Has The Recession Been Hard On College Graduates? (2010)

How Recessions Affect Young People (2010) 

Expectation of future price and electric cars

See American Consumers Lose Patience With High Car Prices: Shoppers are downsizing, buying used vehicles, taking on longer car loans and holding out for deals by Sharon Terlep of The WSJ. Excerpt: 

"But now auto tariffs, persistent inflation and a tighter job market have more Americans rethinking their biggest-ticket purchases. Meanwhile, the collapse of the U.S. electric-vehicle market—hastened by the end of the federal government’s $7,500 EV credit in September—has cost the industry hundreds of thousands of potential vehicle sales.

With a surge in EV demand before the credit expired, auto sales kept ahead of pace through three quarters, as automakers with large North American footprints flexed their ability to produce and absorb the tariff burden. General Motors sales jumped 10.5% and Ford’s rose 7.3%. But then October’s selling rate was the slowest in more than a year, November results announced this week are expected to be down, and a quick rebound isn’t in the forecast."

Expectation of future price is a shift factor for demand. When buyers expect significantly higher prices in the near future their demand today increases. With the end of the $7,500 EV credit coming, car buyers knew that the price of EVs that they paid would go up soon.

Other posts on expectation of future price:

Buy Now Before Tariffs Hit, Retailers Are Telling Shoppers: Businesses play up fears of a price hit in marketing goods from furniture to fishing rods (2024) 

Expectation of future price in the news (2024)

Record Cocoa Prices Are Making Sweet Cravings Expensive (2024)

Supply, demand and the price of bacon (2023)

Are Expectations Helping To Raise The Price Of Lithium? (2021)

Farmers might be reducing supply of corn now in expectation of higher prices this fall (2019)

Supply Means Producing A Good And Customers Being Able To Purchase It (2018)

Russians rush to stores to pre-empt price rises (2015)

Do employers still think that a college degree is a good signal of future productivity?

See It’s Too Early to Write Off College Degrees: Companies are favoring multitool graduates with broad skill sets by Callum Borchers of The WSJ.

This reminds me of "signaling" in economics. Here is Wikipedia says about it:

"In contract theory, signalling (or signaling; see spelling differences) is the idea that one party (termed the agent) credibly conveys some information about itself to another party (the principal). For example, in Michael Spence's job-market signalling model, (potential) employees send a signal about their ability level to the employer by acquiring education credentials. The informational value of the credential comes from the fact that the employer believes the credential is positively correlated with having greater ability and difficult for low ability employees to obtain. Thus the credential enables the employer to reliably distinguish low ability workers from high ability workers."

Excerpts from The WSJ article: 

"Companies that once struggled to fill desk jobs now have their pick of available talent. And they’re picking according to familiar criteria."

"The majority of us are vying for white-collar jobs and we face a future where qualification standards are intensifying, not relaxing. The Georgetown University Center on Education and the Workforce projects 42% of jobs in 2031 will require at least a B.A. or B.S., up from 35% today."

"What we’re going to see is that when there’s more supply than demand, employers are going to revert back to the degree as a proxy for smart." [said Johnny C. Taylor, chief executive of the human-resources group SHRM]

"There are plenty of reasons to think hard about whether college is worthwhile, including the prospect of suffocating debt and the option to learn a trade instead. On the whole, though, people with bachelor’s degrees earn considerably more than those without.

A new Indeed survey of 10,000 workers found roughly three-quarters of people whose education ended after high school earn less than $50,000 a year. Only 45% of bachelor’s degree holders make less than $50,000."

It takes effort to determine whether someone without a degree can handle a job that typically goes to a college graduate. So it’s no surprise that businesses are less willing to go to those lengths now."

Related posts:

Changing pathways to success for young people and how some high schoolers might be getting there (2025) 

Do Liberal Arts Colleges Pay Off? What the Data Say (2024) 

The Top U.S. Colleges That Make New Graduates Rich (2024) 

Is College Worth It? (2024) (Interesting tool created by FREOPP. It allows you to find out your return on investment (ROI) from going to college. You can choose a school and a major and it will tell you your ROI.)

When it comes to lifetime earnings, the most important decision appears to be the choice of college major (2024)

Studying Economics Increases Wages a Lot (2020)

What College Majors Pay The Highest? (2013)

50 College Majors With the Best Return on Investment (2015)

Will Studying Economics Make You Rich? A Regression Discontinuity Analysis of the Returns to College Major  (2023)

Why do employers pay extra money to people who study a bunch of subjects in college that they don’t actually need you to know? Signaling (2020)

Cognitive Endurance as Human Capital (2022) 

Yes, a College Degree Is Still Worth It (2023)

Does It Pay To Go To College? (2009)

Maybe That College Degree Is Not As Valuable As You Thought (2010)

Is College Still A Good Investment? (2012)

For Some Grads, College Isn't Worth Debt (2014)

The Diminishing Returns of a College Degree: In the mid-1970s, far less than 1% of taxi drivers were graduates. By 2010 more than 15% were (2017)

The Diminishing Returns of a College Degree (2017) 

Many college dropouts are worse off economically than if they hadn’t started college (2019)

College Still Pays Off, but Not for Everyone (2019)

Also see The Philadelphia Eagles' Personnel Strategy: Targeting College Grads: Six of the Seven Players the Team Drafted This Year Are on Track to Graduate by Kevin Clark of the WSJ. It seems like NFL teams see the college degree as a signal. Exceprt:

"Philadelphia's philosophy of pursuing graduates was born when Roseman, the Eagles' general manager since 2010, and Kelly, the team's second-year coach, each discovered that teams with the most college graduates are overwhelmingly successful. Kelly learned this late in his coaching tenure at Oregon, when former Indianapolis Colts coach Tony Dungy, whose son played at Oregon, mentioned in a talk to Oregon players that in the 2000s, the two teams who happened to have loads of graduates were the Colts and New England Patriots. Those teams dominated the first decade of this century.

"I didn't know he'd take it this far," Dungy said, jokingly.

In a private conversation later, Dungy, now an analyst for NBC, told Kelly that his research showed players with degrees were more likely to earn a second NFL contract and make more money. He told Kelly "the guys with degrees have what you are looking for. They are driven. If it's between two players, a degree might tip the scale. But at the time, I don't think he was even thinking of the NFL."

But before Kelly even arrived in Philadelphia, Roseman was doing his own research. Each year, Roseman and his lieutenants take the last four teams left in the playoffs and do reports on them—studying their players' height, weight, background and virtually everything else. Through those reports came evidence that the most successful teams had many college graduates on them. When Roseman and Kelly joined forces, the plan was clear.

The trends over the last five drafts are startling. Studies show that teams who select players who spent five years in college—and thus almost always have a degree—win big. Of the three teams with the most fifth-year seniors drafted, two of them met in February's Super Bowl: the Seattle Seahawks and Denver Broncos. The Jacksonville Jaguars, who went 4-12, took the fewest.

The team that drafted the most players who stayed just three years on campus? The New York Giants, who have missed the playoffs the past two seasons. The Colts, Patriots and Washington Redskins, who have five total playoff appearances in the last two years, have taken the fewest three-year players, who rarely have college degrees.

Kelly said a degree is more than proof of intelligence. "It's also, what is their commitment?" he said. "They set goals out for themselves and can they follow through for it? A lot of people can tell you they want to do this, this and this. But look at their accomplishments."

The Eagles say they want players who are prepared, and a degree confirms that. Take wide receiver Jordan Matthews, a Vanderbilt economics major whose study habits translated perfectly to the NFL."

A Doonesbury comic strip from 1980 seemed to predict this. One of the college players in the huddle says he is taking a course in Bio-Physics during football season to impress the scouts. The printing might be hard to read, so I typed up all the dialogue and put it after the strip.

 

 Anyone see Willy?

He had to finish up a Bio-Physics report.

Where is he really?

I couldn't believe it either.

Okay Turner, what do you have to say for yourself?

Sorry, I'm late B.D. I had to finish up a Bio-Physics report.

Bio-Physics? What the hell are you doing taking a course that tough during football season?

To impress the scouts, man. I'm hoping to make the pros.

Impress the scouts?

You figure a good transcript will improve your chances, Willy?

Of course, man. You can't even think about joining the pros unless you've had four years of college.

No kidding?

Absolutely. Its virtually unheard of for a kid to get a job in the NFL with only a high school education.

That's the dumbest thing I ever heard! Nobody cares if football players are educated!

Sure they do. Why do you think there's such a thing as academic eligibility?

But that's a joke. For Gods's sake!

So what's your plan, Willy?

Well, I thought if I held off and got my masters, it might give me an edge. 

Apartment rents drop further, with vacancies at record high

By Diana Olick of CNBC. 

• The national median rent for apartments fell 1% in November from October, and now stands at $1,367, according to Apartment List.
• The national multifamily vacancy rate was 7.2% in November, a record high.
• The historic surge in multifamily construction over the past few years is now pulling back, but a good supply of new units is still coming online at a time of much weaker demand.

Related posts:

The long-term, wealth-building effect of homeownership is often less than that of renting and investing in the diversified market (2025) 

Home-Buying Math No Longer Adds Up (2024)

There’s Never Been a Worse Time to Buy Instead of Rent: It is now 52% more expensive to buy a home than to rent one because of climbing mortgage rates (2023)

Are things getting better for apartment renters? (2023)

Apartment Rents Fall as Crush of New Supply Hits Market (2023)

First Annual Drop in Rents Since Pandemic Began, Redfin Says (2023)

The Law of Supply Seems to Be Working in the San Antonio Apartment Market (2023)

Home sale prices, apartment demand and the price of subsitutes (2022)

Increased Supply Is Holding Down Rent Increases (2018) 

Rents are relatively low in San Antonio (2018)

People leaving costly cities while rent falls in other cities due to rising supply (2016)

The College Sports Crisis

Athletes who don’t study, coaches who are overpaid, the system’s a mess

By William McGurn of The WSJ. Excerpts:

"the $19 billion industry known as college sports."

"if Mr. Kelly was let go without cause, LSU would have to cough up the $54 million left on his 10-year, $100 million contract."

"Mr. Kelly is suing LSU. He says that after he rejected two settlement offers (for $25 million and $30 million, respectively), LSU changed course. Coach Kelly claims LSU is trying to get out of paying what it owes him, saying the firing is for cause."

"the whole system is corrosive and rests on a highly profitable myth: that of the student-athlete."

"When players can transfer from university to university with education an afterthought, college sports effectively become a professional system."

"“The idea of the student-athlete is a myth and pretty much everyone knows it,” says Richard Vedder, a professor emeritus at Ohio University who studies the economics of college sports."

"College and universities are all invested in the idea that the guys on the field are students because they are afraid that the bottom would drop out of all the millions they are taking in if alumni and fans had to acknowledge the reality that the athletes really aren’t students but professional athletes paid for their services.”" 

Related posts:

Schools Can Pay Their Athletes—and College Sports Will Never Be the Same: The landmark House settlement seeks some equilibrium on the playing field. But plenty of questions—and some denial—remains (2025) 

Are lucrative deals for college athletes doomed? (2025) 

The University of North Carolina is trying to turn its student-athletes social media stars (2025)

March Madness will cost $17.3 billion in lost work (2023)

Supreme Court Rejects NCAA’s Tight Limits on Athlete Benefits, Compensation (2021) 

March Madness Is a Moneymaker. Most Schools Still Operate in Red (2021)

NCAA Takes Another Court Hit on Athlete Compensation: The Ninth Circuit ruled that the organization’s restrictions violated federal antitrust law  (2020)

The NCAA wants an antitrust exemption from Congress so it can oversee name, image and likeness deals (2020)

Cost of attendance stipends in college sports  (2018)

How The Economics Of College Sports Might Be Distorted  (2017)

All is not well (financially) in the world of college football (2015)

Public universities spend more per athlete than they do per student (2013)

Will Moving To NCAA Division I Status Pay Off For The University of the Incarnate Word? (2012)

There's A New Book On The Economics Of College Sports  (2011)

What Economists Say About "March Madness" (2009)

The Flutie Effect: When The Teams Win, More Students Apply To The College. (2008)

Basketball on Office Monitors Madness for Business (2008) ("streaming all 63 final college basketball games free, will cost American businesses about $1.7 billion in lost productivity" plus computers  servers might crash)

Looks Like Some Pretty Good Capitalists Run The Congress

This is originally post from 2009.

Go to Policy, portfolios and the investor lawmaker: As stock ownership rises in Congress, experts warn of potential ethics concerns from the Washington Post this past week.

Most members of the House of Representatives own stock. The article says "The investments increasingly put lawmakers in the position of voting or advocating on matters that could affect their personal wealth, whether the lawmakers realize it or not."

Politicians who rarely agree on anything might be found to be voting for the same bill if it matters to their pocket book. They are supposed to report what they own but the drag their feet and the records are not very well computerized, so they are harder to analyze. And they are good at this investing stuff. From 1985-2001, the legislators beat the market by .55 basis points a month. In a year that means 6.6 percentage points above the market.

In that time, the market (DJIA) gained just a bit under 1% a month (from 12-31-85 to 12-31-2001). It went from 1,546 to 10,021. So, if you had $1,546 in the market it became worth $10,021. But, if you were a member of Congress, it rose about 1.5% a month and you would have ended up with $26,970. Each dollar in the market grew into $6.48 while for the lawmakers it grew into $17.44.

"The researchers, whose findings were presented at a congressional hearing in July, said the statistics suggest that those unusual returns must be based on lawmakers' access to "government and important social contacts.""

But legislators acting on their self interest is not new. Charles Beard wrote about this in his book An Economic Interpretation of the Constitution of the United States. He argued that self-interest was a big force in how the framers wrote the constitution.

In the 1950s, Forrest McDonald We the People : The Economic Origins of the Constitution, in attempt to refute Beard. But more recently, economic historian Robert A. McGuire wrote a book called To Form a More Perfect Union: A New Economic Interpretation of the United States Constitution. He used modern statistical analysis to show that the Beard thesis may be legitimate.

My students might recall something like this that I talk about on the first day of the semester. Congressmen in the early 1790s voted on the "Funding and Assumption Act" based on how much money they would receive if that bill passed. The bill paid back all of the debts from the Revolutionary War at full value (they were not getting paid back before the Constitution was passed because under the Articles of Confederation all states had to agree to a tax increase-this did not happen much so taxes were never raised to pay back the money the government borrowed to finance the war). But under the Constitution if both the House and the Senate passed a tax increase and the president signed it, it became law.

The debts were securities or bonds. Some congressman owned them. I found how much about half the congressmen owned in these bonds from McDonald's book. The ones who voted yes on the bill had an average of about $6,000 while the ones who voted no had about $700. So it is possible that money influenced the vote. 

Here is a passage from John Spencer Bassett's book The Federalist System, 1789-1801 about the "Funding and Assumption Act":  

"All the speculating class, in Congress and out of it, were zealously in favor of the scheme; and while it was still being debated they were trying to by all the means known to their class to buy up, even in the remote parts of the country, the old bonds at the depreciated values."

Here are they guys who voted yes and their dollar value of their bond holdings:

AMES 35
BASSETT 0
BURKE 5252
BUTLER 0
CLYMER 14000
DALTON 12
DCARROLL 227
ELLSWORTH 5985
FITZSIMMONS 2668
GALE 4252
GERRY 50000
GROUT 0
IZARD 20865
JOHNSON 0
KING 10000
LANGDON 27921
MORRIS 11000
PARTRIDGE 2195
PATERSON 0
READ 341
SEDGWICK 1680
SHERMAN 7729
STRONG 10903
STURGES 189
SUMTER 0
WADSWORTH 1625
WHITE 1619
WLSMITH 11910

Now the no votes

BALDWIN 2500
COLES 0
FEW 640
GILMAN 1025
GRIFFIN 0
HARTLEY 0
LIVERMORE 0
MADISON 0
MATHEWS 0
MJSTONE 3814
MOORE 0
MUHLENBERG 0
SCOTT 127
WILLIAMSON 2600 

Related posts:

Why Lawmakers Don’t Want to Ban Their Own Stock Trading: GOP Rep. Rob Bresnahan campaigned on ending the practice, but has become a top trader after entering office (2025) 

Lawmakers Traded Stocks Heavily as Trump Rolled Out ‘Liberation Day’ Tariffs: Buying and selling of stocks spur new push to further restrict lawmakers’ market activities (2025) 

Looks Like Some Pretty Good Capitalists Run The Congress (2024)

Did U.S. government officials make money buying and selling stocks based on their inside information about Covid policy? (2022) 

60 Minutes: Insider trading is legal for members of Congress-but it is nothing new, it started in 1790  (2011)

The effects of unemployment benefit duration

What happened to the US labor market after the Emergency Unemployment Compensation Act expired after the Great Recession?

By Tyler Smith of The AEA. 

"In December 2013, when Congress failed to reauthorize the Emergency Unemployment Compensation Act, many prominent economists predicted a substantial decline in employment and labor force participation.  

In a paper in the American Economic Journal: Macroeconomics, authors Marcus Hagedorn, Iourii Manovskii, and Kurt Mitman show, to the contrary, that this abrupt end to unemployment benefits actually led to a surge in employment and labor force growth, especially in states with larger cuts in benefit duration.

The sudden termination of federal support for unemployment benefits and its variation across states provided an ideal natural experiment for understanding the relationship between these benefits and the labor market.

Figure 1 from the authors’ paper shows the reform's impact through two panels tracking employment-to-population ratios and labor force participation rates. The dashed vertical line indicates the expiration of the Emergency Unemployment Compensation Act.

 

The chart displays the difference between states that had high benefits and low benefits before the reform, normalized to zero in the fourth quarter of 2013. Prior to the reform, both panels show a steady downward trend, indicating that high-benefit states experienced persistently deteriorating labor markets relative to low-benefit states.

In 2014, the downward trend abruptly changed direction. Employment in previously high-benefit states surged by 0.008 points relative to low-benefit states within a year, completely reversing the multi-year decline. Labor force participation in generous states also recovered, rising by nearly 0.005 points relative to less generous states. This sharp discontinuity at precisely the moment of the policy change, along with the absence of other major changes in the policy environment, provides strong evidence that the benefit cut drove the employment recovery.

The researchers estimate that a 1 percent reduction in benefit duration increased employment by 0.02 log points after four quarters. Nationally, this translated to 2.5 million additional employed Americans by late 2014, accounting for 75 percent of that year's employment growth.

The findings suggest that while unemployment insurance provides crucial support during economic downturns, extended benefits may delay full recoveries.

♦

“The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?” appears in the October 2025 issue of the American Economic Journal: Macroeconomics."

Were The Pilgrims Capitalists Or Socialists?

See The Pilgrims Were ... Socialists? from The New York Times. There seems to be some controversy. One story has them owning property in common and not doing well until they went with private property. Not everyone agrees with that version of history. Here is what seems to be the most interesting thing from the report:

"Historians say that the settlers in Plymouth, and their supporters in England, did indeed agree to hold their property in common — William Bradford, the governor, referred to it in his writings as the “common course.” But the plan was in the interest of realizing a profit sooner, and was only intended for the short term; historians say the Pilgrims were more like shareholders in an early corporation than subjects of socialism.

“It was directed ultimately to private profit,” said Richard Pickering, a historian of early America and the deputy director of Plimoth Plantation, a museum devoted to keeping the Pilgrims’ story alive."

So when you eat turkey tomorrow, you might really be celebrating that great American institution...the corporation. Makes me feel real patriotic.

This part was interesting too.

"The competing versions of the story note Bradford’s writings about “confusion and discontent” and accusations of “laziness” among the colonists. But Mr. Pickering said this grumbling had more to do with the fact that the Plymouth colony was bringing together settlers from all over England, at a time when most people never moved more than 10 miles from home. They spoke different dialects and had different methods of farming, and looked upon each other with great wariness."

"“One man’s laziness is another man’s industry, based on the agricultural methods they’ve learned as young people,” he said." 

"Bradford did get rid of the common course — but it was in 1623, after the first Thanksgiving, and not because the system wasn’t working. The Pilgrims just didn’t like it. In the accounts of colonists, Mr. Pickering said, “there was griping and groaning.”"

"“Bachelors didn’t want to feed the wives of married men, and women don’t want to do the laundry of the bachelors,” he said.

The real reason agriculture became more profitable over the years, Mr. Pickering said, is that the Pilgrims were getting better at farming crops like corn that had been unknown to them in England."

This Year’s Thanksgiving Feast Could Actually Be Cheaper

Turkey, stuffing and cranberry prices are all lower, but skip the yams

By Kirk Maltais and Christopher Kuo of The WSJ. Excerpts:

"The American Farm Bureau Federation estimates that Thanksgiving dinner will cost an average of $55.18 for a group of 10, down 5% from last year. 

Holiday staples such as turkey, stuffing and cranberries cost less than in 2024, partly because of widespread discounting but also because overall demand for turkey and wheat—which is used to make stuffing—has been down. Other staples, including sweet potatoes and fresh fruit, cost more as the agriculture sector contends with tariffs and high costs."

Click here to read the press release from the Farm Bureau. 

Individual Prices

• 16-pound turkey: $21.50 or $1.34 per pound (down 16.3%)
• 14-ounces of cubed stuffing mix: $3.71 (down 9%)
• 2 frozen pie crusts: $3.37 (down .8%)
• Half pint of whipping cream: $1.87 (up 3.2%)
• 1 pound of frozen peas: $2.03 (up 17.2%)
• 1 dozen dinner rolls: $3.56 (down 14.6%)
• Misc. ingredients to prepare the meal: $3.61 (down 4.7%)
• 30-ounce can of pumpkin pie mix: $4.16 (up .1%)
• 1 gallon of whole milk: $3.73 (up 16.3%)
• 3 pounds of sweet potatoes: $4.00 (up 37%)
• 1-pound veggie tray (carrots & celery): $1.36 (up 61.3%)
• 12-ounce bag of fresh cranberries: $2.28 (down 2.8%)

Here are the prices for each of the last four years

 

2022) $64.05 (from last year's report)

2023) $61.17

2024) $58.08

2025) $55.18

 

Those four figures don't appear to be adjusted for inflation. 

 

I don't see a timeline chart of the cost so I will repost something from last year:

Here is a graph of the change in cost over time from economists Samantha Ayoub, Bernt Nelson & Betty Resnick of The American Farm Bureau Federation.

It looks like the cost has not changed that much adjusted for inflation over the last 20 years.

 

Here is one that goes from 1986-2019. It looks like the price fell from about $25 in 1986 to about $20 in 2019 (in 2019 $s).