Thanksgiving dinner could cost 5% less than last year — and other happenings in the world of work

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Catch up on other headlines from the last 7 days.

• Hosting Thanksgiving dinner might be more affordable this year, according to a new analysis from the American Farm Bureau Federation. Read more about this below.
• The holiday sales outlook is getting cloudier. Target's biggest earnings miss in two years — accompanied by a significant reduction to its full-year forecast — is falling closer in line with forecasts from the National Retail Federation and Deloitte for the slowest holiday sales in six years amid a shorter, 26-day season starting on Black Friday. ??Cate Chapman
• Meanwhile, big retailers hiked interest rates on their store credit cards to record highs ahead of the Federal Reserve’s latest rate cuts. At least 50 major retailers, including Big Lots, Gap, and Macy’s, raised APRs between September 2023 and September 2024.? Big Lots led the way, raising its rate to 35.99% from 29.99%. ??Rob Sacks
• Investment in generative artificial intelligence has skyrocketed this year, with businesses collectively upping their spending 500% to $13.8 billion, according to a new report from Menlo Ventures.??Kara Reinhardt
• The number of people filing applications for unemployment benefits unexpectedly declined to a seven-month low last week, signaling resilience in the job market. Initial claims for jobless benefits fell by 6,000 to 213,000 in the week ended Nov. 16, according to the Labor Department. Economists expect jobless claims to remain around current levels in the near term, following hurricane-related impacts. ??James Callan

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

Thanksgiving dinner might be more affordable this year

• It may not feel like it when strolling through grocery aisles, but Thursday’s Thanksgiving feast could be more affordable than it has been in years. According to the American Farm Bureau Federation, this year’s turkey dinner is estimated to cost an average $58.08 for a 10-person gathering, or $5.81 per person.?
• That’s down 5% from $61.17 last year and 9% from $64.05 the year before. The analysis includes 11 classic Thanksgiving foods, including cranberries, sweet potatoes, stuffing and pumpkin pie. An expanded menu would bump your costs up, but “even Thanksgiving extras such as ham, russet potatoes and frozen green beans cost less than last year,” Janet H. Cho, business journalist, shared. The turkey will still be the most expensive item on any menu, with a 16-pound turkey costing $25.67, or 44% of the price of the whole meal. Turkey prices have also dropped 6.1% from 2023.
• Even still, the total cost of a Thanksgiving feast is 19% higher than it was five years ago. This week, inflation is also top of mind because the Federal Reserve’s preferred gauge is expected to show an uptick in price growth on Wednesday. The central bank will next meet to set interest rates on Dec. 18.?

Under half of workers expect raises

• Less than half of U.S. employees (45%) expect to see a pay raise in the next six months, according to LinkedIn's latest Workforce Confidence Index — and under a quarter (22%) expect to be promoted in the next year.?
• Economic uncertainty and inflation are likely contributing to workers' career outlooks, and employers' shrinking budgets for pay increases. According to separate findings from LinkedIn’s Executive Confidence Index, nearly half of U.S. executives say their organizations have recently made raises and promotions more limited than they were in the past few years.
• “It’s definitely a tough time for a lot of workers, but standing out often comes down to preparation and persistence,” August Biniaz, an executive at an investment firm, commented. He suggested those looking to secure a raise or promotion focus on “staying proactive” by regularly asking for feedback from higher ups and then implementing that feedback to loudly “connect your goals to the bigger picture.” A case for a promotion that is backed by numbers and narratively framed “in a way that aligns with the company’s priorities,” is always stronger “in today’s climate,” he said.

RTO taxing workers' budgets

• Workers heading back to physical work spaces can count the cost. Those who are adhering to recent return-to-office mandates are spending an average of $561 per month on transportation, child and pet care and other expenses, according to a recent survey from BetterUp Labs.?
• That’s equal to what the average two-person household already spends on groceries in a month. “For people already suffering from a loss of spending power, this is a lot of money to take off the family table,” Karl Kadon, a federal law enforcement professional, shared. This partially explains why one in five U.S. workers are ignoring their employers’ return-to-office mandates.
• Researchers also found evidence for some of the less tangible costs of RTO: employees working on site face higher rates of stress and turnover than their remote colleagues, and they report lower levels of productivity, engagement and trust in their organizations. A separate LinkedIn survey also underscores the benefits of working remotely at least part time: Hybrid and remote workers report less burnout than their on-site colleagues.

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

Tuesday, November 26:

• The Conference Board will release its monthly Consumer Confidence Survey, which measures how optimistic Americans are about the economy.
• The Federal Open Market Committee will release the minutes from its last policy-setting meeting. The minutes can potentially provide insight into future monetary policy.

Wednesday, November 27:

• 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 U.S. Census Bureau will release its monthly report on durable goods orders, which measures manufacturing activity.
• The Bureau of Economic Analysis will release a preliminary gross domestic product reading for the third quarter.
• The U.S. Department of Commerce will release October’s Personal Consumption Expenditure Price Index — the Fed’s preferred inflation measure. The report measures changes in the price of goods and services, excluding food and energy.