michael feroli, chief u.s. economist at jp morgan.scinated by the numbers we have, how disjointed they are in our political debate. let's start with the atlanta gdp number which is 8%, or let's take real gdp plus inflation, which is the nominal gdp and would make china happy, or let's look at real gdp run rate of 2.2%, down near the famed michael feroli potential gdp. how much of this nation is flat on their back in a weak economy? michael: not much. the unemployment rate is now 4.6%. that seems to be moving lower. the labor market, which is probably the most important market looks pretty healthy. inflation has been a problem. it will continue to be a problem in the fourth quarter. i do not expect that to persist to the same to grade next year. i do not think many people do. there are problems, but i think it would be extreme to say the economy is flat on its back. real gdp is at peak levels, back to the trend we were on before the pandemic, which was a pretty good friend. tom: a lot of politicians are saying it is flat on the back, t

coming up at 8:30, michael feroli will join us of jp morgan. this will be a timely conversation.s is bloomberg. good morning. ♪ ritika: but the first word news, i'm ritika gupta. there's never been a coordinated attempt like this to bring down oil prices early of the u.s. will release 50 million barrels of crude from its strategic petroleum reserve. china, japan, india, and south korea will also release some of their stockpiles in the decision to collectively discharge stored oil. the latest coronavirus wave in the u.s. is taking its toll in some states and care units. some parts of the country are seeing outbreaks that are as bad as ever. in 15 states, patients with confirmed or suspected covid are taking up more icu beds than a year ago. michigan now has the highest coronavirus case rate per capita in the u.s. president biden has dodged the risk of a senate confirmation fight over the federal reserve decision to reappoint jerome powell for another four-year term. it drew support from both democrats and republicans. some progressives -- the president also selected lael brainard