Economic and jobs news thread

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caltrek
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U.S. Government Data Shows that Meat Prices are Increasing Faster Than Other Goods
by Madison McVan
September 22,2021

https://investigatemidwest.org/2021/09/ ... her-goods/

Introduction:
(Investigate Midwest) Meat prices are continuing to climb, according to data and projections from the U.S. Bureau of Labor Statistics (BLS).

The BLS collects data to produce the Consumer Price Index, which tracks the average change over time of many consumer items.

The Consumer Price Index is used to calculate overall inflation in the economy, as well as price changes for certain items. While the current estimated inflation rate for 2021 so far is around 5%, meat price increases are outpacing overall inflation.

From July 2020 to July 2021, meat prices increased by about 6%. Beef and veal prices grew by 6.5% and pork prices went up by 7.8%. Price increases for eggs, fish and seafood and poultry also outpaced inflation.

A U.S. Department of Agriculture press release* attributed the price increases to “strong domestic and international demand, high feed costs, and supply chain disruptions” including storms, drought and a May cyberattack against meatpacking giant JBS that temporarily halted operations.
*https://www.ers.usda.gov/data-products/ ... -findings/
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caltrek
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Federal Reserve Scales Back Expectations for Economic Recovery
by Courtenay Brown
September 22, 2021

https://www.axios.com/federal-reserve-e ... 9f6e5.html

Introduction:
(Axios) The Fed downgraded near-term expectations for the economy and the labor market, alongside hotter-than-expected inflation, in new estimates out on Wednesday.

Why it matters: It's the first time those closely-watched estimates reflect impact from the delta variant that's already rattled the labor market. Still, Fed chairman Jerome Powell said enough progress has been made to begin to pull back emergency-era measures that have supported the economy.

By the numbers: The Fed expects the economy will grow 5.9% this year — a rapid pace, but slower than the 7% estimated in June. (GDP expectations for next year though jumped by 0.5 percentage points).
  • Following last month's softer-than-expected jobs report, it says the unemployment rate will be 4.8% by year-end, higher than the previously forecast 4.5%.
What's new: Still, the Fed sent its strongest signal yet that it will slow the bond purchases that have supported the economy and buoyed the stock market.
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funkervogt
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If Evergrande survives, it will be by the skin of its teeth.
Chinese authorities are asking local governments to prepare for the potential downfall of China Evergrande Group, EGRNF -11.25% according to officials familiar with the discussions, signaling a reluctance to bail out the debt-saddled property developer while bracing for any economic and social fallout from the company’s travails.

The officials characterized the actions being ordered as “getting ready for the possible storm,” saying that local-level government agencies and state-owned enterprises have been instructed to step in to handle the aftermath only at the last minute should Evergrande fail to manage its affairs in an orderly fashion.

They said that local governments have been tasked with preventing unrest and mitigating the ripple effect on home buyers and the broader economy, for example by limiting job losses—scenarios that have grown in likelihood as Evergrande’s situation has worsened.
https://www.wsj.com/articles/china-make ... 1632391852
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Yuli Ban
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And remember my friend, future events such as these will affect you in the future
weatheriscool
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US slightly revises up its GDP estimate for Q2 to 6.7%


By MARTIN CRUTSINGER
The Associated Press

WASHINGTON (AP) -- The U.S. economy expanded at a 6.7% annual pace from April through June, the Commerce Department said Thursday, slightly upgrading its estimate of last quarter's growth in the face of a resurgence of COVID-19 in the form of the delta variant.

The government's estimate of growth in the second quarter -- its last of three -- was up from its previous estimate of a 6.6% annual pace that will likely mark a high point for the economy's expansion this year as the virus slows some activity, government support programs wind down and manufacturing supply-chain issues persist.

Thursday's report from the government showed that the nation's gross domestic product -- its total output of goods and services -- accelerated from a 6.3% annual rate in the first three months of the year.

A key factor in the upgraded growth estimate for the April-June quarter was a slightly higher level of consumer spending, which accounts for roughly 70% of economic activity. Consumer spending grew at a 12% annual rate, the fastest expansion since a surge in the third quarter last year, when the economy began to re-open.

Stronger export sales also added to the increased growth estimate for the second quarter. Exports rose at an annual rate of 7.6% after having fallen in the first quarter. Business equipment investment was also up from the government's previous estimate, expanding at a solid 12.3% rate.
{snip}

Read more: https://www.seattletimes.com/business/u ... q2-to-6-7/
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Yuli Ban
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Re: Economic and jobs news thread

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It was all going so well. Successful vaccination programmes were driving the post-pandemic recovery of the global economy, stock markets were back at record highs, and prices were rising just enough to make deflation fears a thing of the past.

But a supply crunch that initially put a question mark over the availability of luxury cars or whether there would be enough PlayStations under our Christmas trees is instead morphing into a full-blown crisis featuring a shortage of energy, labour and transport from Liverpool to Los Angeles, and from Qingdao to Queensland.

All the problems are in one way or another tangled up in the surge of post-pandemic consumer demand, but taken together they threaten what one leading economist calls a “stagflationary wind” that could blow the global economy off course.
And remember my friend, future events such as these will affect you in the future
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caltrek
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Why Yesterday's Bad News About Jobs is Really Good News
by Robert Reich
October 9, 2021

https://robertreich.substack.com/p/the- ... ke-of-2021

Extract:
(Robert Reich via Substack) The media and most economists measure the economy’s success by the number of jobs it creates, while ignoring the quality of those jobs. But when I was Secretary of Labor I met with working people all over the country who complained that their jobs paid too little and had few benefits, or were unsafe, or required lengthy or unpredictable hours. Many said their employers treated them badly, harassed them, and did not respect them.

In order to lure workers back, employers are now raising wages and offering other inducements. Average earnings rose 19 cents an hour in September and are up more than $1 an hour – or 4.6 percent -- over the last year.

Clearly, that’s not enough.

Corporate America wants to frame this as a “labor shortage.” But what’s really going on is more accurately described as a living-wage shortage, a hazard pay shortage, a childcare shortage, a paid sick leave shortage, and a health care shortage.

Unless these shortages are rectified, many Americans won’t return to work anytime soon. That’s the real lesson of yesterday’s jobs report.
weatheriscool
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Yahoo Finance September jobs report: Economy adds back disappointing 194,000 jobs, unemployment rate
Source: Yahoo!Finance
U.S. employers unexpectedly hired at a slower pace in September than in August.

The Labor Department released its September jobs report Friday morning. Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:

Change in non-farm payrolls, September: +194,000 vs. +500,000 expected, +235,000 in August

Unemployment rate: 4.8% vs. 5.1% expected, 5.2% in August

Average hourly earnings, month-over-month: 0.6% vs. 0.4% expected, 0.6% in August

Average hourly earnings, year-over-year: 4.6% vs. 4.6% expected, 4.3% in August



Non-farm payrolls were expected to pick up from August's much weaker-than-expected print, when renewed fears over the coronavirus deterred more workers from reentering the labor market. The September report also showed a ninth consecutive month of net payroll gains in the U.S. economy. But even after months of growth, total employment has yet to return to pre-pandemic levels. The civilian labor force was still down by 2.9 million individuals compared to February 2020 as of August.
Read more: https://finance.yahoo.com/news/septembe ... 37923.html
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Re: Economic and jobs news thread

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"Take it easy, nothing matters in the end."
– William Shatner
weatheriscool
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US budget deficit hits $2.77 trillion in 2021, 2nd highest
Source: AP

By MARTIN CRUTSINGER

WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.

The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was $360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.

Before the deficit ballooned during two years of a global pandemic, the highest the biggest deficit had been a shortfall of $1.4 trillion in 2009 as the U.S. spent heavily to lift the country out of a severe recession following the 2008 financial crisis.

For 2021, the joint report from Treasury and the Office of Management and Budget said that government spending increased 4.1% to $6.82 trillion. This was offset by an increase of 18.3% in government revenues, a gain that reflected an improving economy as millions of people who had lost jobs at the start of the pandemic went back to work and corporate profits were rejuvenated after a horrendous 2020.


Read more: https://apnews.com/article/business-eco ... 95f84542fa
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