Global Recession & Retail Apocalypse News and Discussions

weatheriscool
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Global Recession & Retail Apocalypse News and Discussions

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The World Economy Is Suddenly Running Low on Everything
Source: Bloomberg
A year ago, as the pandemic ravaged country after country and economies shuddered, consumers were the ones panic-buying. Today, on the rebound, it’s companies furiously trying to stock up.

Mattress producers to car manufacturers to aluminum foil makers are buying more material than they need to survive the breakneck speed at which demand for goods is recovering and assuage that primal fear of running out. The frenzy is pushing supply chains to the brink of seizing up. Shortages, transportation bottlenecks and price spikes are nearing the highest levels in recent memory, raising concern that a supercharged global economy will stoke inflation.

Copper, iron ore and steel. Corn, coffee, wheat and soybeans. Lumber, semiconductors, plastic and cardboard for packaging. The world is seemingly low on all of it. “You name it, and we have a shortage on it,” Tom Linebarger, chairman and chief executive of engine and generator manufacturer Cummins Inc., said on a call this month. Clients are “trying to get everything they can because they see high demand,” Jennifer Rumsey, the Columbus, Indiana-based company’s president, said. “They think it’s going to extend into next year.”

The difference between the big crunch of 2021 and past supply disruptions is the sheer magnitude of it, and the fact that there is — as far as anyone can tell — no clear end in sight. Big or small, few businesses are spared. Europe’s largest fleet of trucks, Girteka Logistics, says there’s been a struggle to find enough capacity. Monster Beverage Corp. of Corona, California, is dealing with an aluminum can scarcity. Hong Kong’s MOMAX Technology Ltd. is delaying production of a new product because of a dearth of semiconductors.

Read more: https://www.bloomberg.com/news/articles ... f=nXmOg68r
weatheriscool
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Yellen says economic recovery likely to be 'bumpy'
Source: AP

By MARTIN CRUTSINGER
WASHINGTON (AP) — Treasury Secretary Janet Yellen says that the economic recovery is going to be “bumpy” with high inflation readings likely to last through the end of this year.

But Yellen insisted that the inflation pressures will be temporary and if they do threaten to become embedded in the economy, the government has the tools to address that threat.

In testimony before a House Appropriations subcommittee Thursday, Yellen was asked about a big jump in prices reported last week, which showed consumer price index rising by 4.2% over the past year, the largest 12-month gain since 2008.

Yellen said that the April price increase was the result of a number of special factors related to the economy opening back up. She said as she has in the past that the price jump would be temporary but she indicated it would be more than a one-time gain.



FILE - In this May 7, 2021 file photo, Treasury Secretary Janet Yellen speaks during a press briefing at the White House in Washington. Yellen says that the economic recovery is going to be “bumpy” with high inflation readings likely to last through the end of this year. But Yellen maintained Thursday, May 27, that the inflation pressures will be temporary and if they do threaten to become embedded in the economy, the government has the tools to address that threat. (AP Photo/Patrick Semansky)

Read more: https://apnews.com/article/health-coron ... e38eca5888
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Ken_J
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Post by Ken_J »

https://www.washingtonpost.com/nation/2 ... g7AbNne83E

there is a huge economic slap about to land hard in the US. People who can't pay rent owed, small landlords that can't pay taxes due to properties not earning rental income for them, cities and utility companies raising costs to cover the hardship of lost income and increased costs of dealing with a pandemic.

I'd be surprised if we didn't start seeing buildings being burned down soon.
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UK loses 83% of department stores since BHS collapsed

8 hours ago

The UK has lost 83% of its main department stores in the five years since the collapse of the BHS chain.

The figure highlights the extent of the upheaval in the High Street as the Covid pandemic sped up changes in shopping habits.

The data, compiled by commercial property information firm CoStar Group, also reveals that more than two-thirds of these shops remain unoccupied.

Some 237 big stores have yet to be taken over by a new business.

"The data undoubtedly highlights the acceleration of change in the retail sector in recent years, which the pandemic has only exacerbated," said CoStar Group's head of analytics, Mark Stansfield.

CoStar tracked the UK's largest chains, from BHS and Beales to Debenhams and House of Fraser, from 2016 to the present day.

Five years ago, they had 467 stores between them. Now, however, only 79 are left.

https://www.bbc.co.uk/news/business-58331168


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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
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And remember my friend, future events such as these will affect you in the future
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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
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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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Powell tells Congress that Fed will raise rates this month
Source: AP

By CHRISTOPHER RUGABER
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell made clear Wednesday that the Fed will begin raising interest rates this month in a high-stakes effort to restrain surging inflation.

In prepared testimony he will deliver to a congressional committee, Powell cautioned that the economic consequences of Russia’s invasion of Ukraine are “highly uncertain.” He says the Fed will “need to be nimble” in responding to unexpected changes resulting from the war or the sanctions that the United States and Europe have imposed in response.

The Fed is widely expected to raise its benchmark short-term interest rate several times this year beginning with its March 15-16 meeting. In his testimony, Powell provided little additional guidance about how quickly the Fed would do so.

A rate hike next month would be the first since 2018. And it would mark the beginning of a delicate challenge for the Fed: It wants to increase rates enough to bring down inflation, which is at a four-decade high, but not so fast as to choke off growth and hiring. Powell is betting that with the unemployment rate low, at 4%, and consumer spending healthy, the economy can withstand modestly higher borrowing costs.



Read more: https://apnews.com/article/business-uni ... 5429dfc1b3
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