Americans’ inflation fears reached a fever pitch in June, rising to the highest level since June 2013 as the price of consumer goods continued to surge, according to a Federal Reserve Bank of New York survey published Monday.
The median expectation is that the inflation rate will be up 4.8% one year from now, a new high for the gauge, and up 3.6% three years from now, the highest level since August 2013, according to the New York Federal Reserve’s Survey of Consumer Expectations.
During a bizarre, rambling news conference on June 24, which was supposed to be about announcing a bipartisan deal with Republican senators on an infrastructure spending plan, President Joe Biden had some interesting thoughts regarding the labor shortage issue.
According to a Rev.com transcript of the event, the remarks came after Biden was asked how he was able to strike an infrastructure agreement when “48 hours ago this deal was kind of in a rough place.”
This began a digression, with the president telling reporters that he “didn’t have that bleak view you all had” and how he was “going to drive you crazy the next four years, because I’m going to tell you the truth as I see it.”
Biden eventually touched on reporters questioning him about the labor shortage, “asking me, ‘Well, you know, guess what? Employers can’t find workers.’”
After closing the books on the second quarter, executives are the most positive they have ever been about the profits their companies are generating, according to data from FactSet. And that might be a good sign that bottom-line growth will continue even after the expected rebound from the pandemic economic plunge.
Companies begin reporting their second quarter profits this week. Things really kick off tomorrow, when Goldman Sachs, JPMorgan Chase and PepsiCo publish their earnings before the market opens. The big banks, in particular, are likely to reveal bumper profits, The Times’s Lananh Nguyen reports.
Beware Of ‘Shrinkflation,’ Inflation’s Devious Cousin
Shrinkflation, or downsizing, is probably as old as mass consumerism. Over the years, Dworsky has documented the downsizing of everything from Doritos to baby shampoo to ranch dressing. “The downsizing tends to happen when manufacturers face some type of pricing pressure,” he says. For example, if the price of gasoline or grain goes up.
Housing bubbles around the world pic.twitter.com/xERh7tnnKn
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