Spirit Airlines Bankruptcy and Airport Slots

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With the insights leaders need, the skills development people want, and AI agents that make action easy , cornerstone, the intelligence to know, the wisdom to act. Learn more at csod . com slash human ai . A key measure of inflation hits a three year high . From Marketplace in Washington , I'm Kimberly Adams. Core inflation rose to three point four percent in May, the highest since October of twenty twenty three. That's according to the latest PCE report out from the Bureau of Economic Analysis this morning. Also moving markets, chipmaker, Micron Technology released its highly anticipated earnings yesterday after the bell, showing the company's revenue quadrupled from the year prior. Diane Swank is the chief economist at the a udit tax and advisory firm KPNG. Good morning, Diane. Good morning . The personal consumption expenditure price index fondly known as PCE, just came out this morning. Inflation has jumped to a three year high. What do you think is driving that? Energy has a much smaller weak in this index than the CPI , and that was about sixty percent of the CPI increase for the month. What we saw also was an increase in underlying service sector inflation. This is something that the Federal Reserve has been watching very closely because it means that we're starting to see service sector inflation, which should be more immune to many of the shocks that we're seeing out there, things like tariffs and energy prices, that's getting an extra lift right now. And without that cooling, you cannot get back to price stability. We got an announcement from Apple this morning that they are going to be raising prices of some consumer electronics driven by this just crazy demand for chips across so many industry sectors can you talk about inflation from that lens? This is really important because it's one of the ways that AI has a sequencing problem. It is boosting costs up front because of the extraordinary demand for chip s in data centers before it actually delivers in terms of scaling for productivity growth to ameliorate those increases. And I think that's really important to understand because not only have consumer electronics already gone up in price, they are slated to go up much higher in response to those chip shortages. Diane Swank is chief economist at KPMG. Thank you, Diane. Thank you Everything is in constant reinvention, global dynamics, your industry, your organization, which means your workforce must continuously adapt, but it's hard to make confident workforce decisions if your data is fragmented, and it's hard to keep your workforce ready when your processes are slow. Cornerstone is your intelligence platform for workforce readiness. With the insights leaders need, the skills development people want, and AI agents that make action easy . Cornerstone, the intelligence to know, the wisdom to act. Learn more at csod . com slash human ai. Support comes from Intuit QuickBooks Workforce, an all in one platform integrating payroll, time tracking, HR, and financial management, designed to streamline operations and help businesses run more efficiently so you can focus on growing your team and building something meaningful. Building something meaningful goes beyond business alone. QuickBooks workforce presents good money, highlighting people making a positive impact with their resources. Today, we spotlight American businessman Chuck Feeney, co founder of Duty Free Shoppers Group who gave way more than ten billion dollars , often anonymously through his foundation Atlantic Philanthropies. Often known as the James Bond of Philanthropy, Feeney's gifts supported peace in Northern Ireland , modernization of Vietnam's healthcare system, and advocated for the end of the death penalty in the U. S. He lived a giving while living philosophy, believing that those with great wealth should use it to solve today's problems now. QuickBooks Workforce is proud to spotlight people like Chuck, who realize the importance of solving problems by making meaningful change. Workforce was created to help solve today's business problems. It evolves with you, bringing together the core HR capabilities businesses expect with the flexibility to adapt to your specific needs. Your processes get streamlined, and you get precious time and energy back to create meaningful impact , be inspired, build impact. Learn more at quickbooks. com slash workforce . Since Spirit Airlines shut down in May, its bankruptcy estate has been selling off its assets to help repay creditors. Those assets include planes, jet fuel, and the right to take off and land at New York's Laguardia airport. Those rights are known as slots and Luegardia is one of just three slot controlled airports in the U. S. The other two are its Crossborough neighbor JFK and Reagan National in Washington DC. Spirit slots could fetch upwards of eighty million dollars, as