Barry Habib and his team at MBS Highway really break down the PCE number.
He said that the PCE has less waiting on housing, which we all know there is still inflation there.
There's certainly inflation year-over-year. It's a lag effect.
But the PCE is more of a consumption expenditure. So people are spending less on rent. There's less owner-equivalent rent.
There were over 280,000 jobs lost for the October jobs report.
It didn't come out as a net loss because there is this wonky birth/death uptick in that report.
And remember it was right before the midterm election. I'm not a conspiracy theorist, but data can be played with.
It was a very positive jobs report. So we could have a surprise, maybe less good news again on this jobs report.