Inflation continues on record pace.

Zurn wrote:

Travis of the Cosmos wrote:

Also, you’re getting extra shit, which is what I said in the post. You really are the worlds worst at this shit aren’t you

No, this is what you said:

I just went to subways site and the only way I can get a foot long sub (too much food) to be over $15 is if I get double meat (gross) and add shit like bacon and pepperoni.

Zurn wrote:

sεяεηιτλ wrote:

The funny thing is these price hikes will be short lived as competition will re-drive prices down.  .

What's the timeline for my Subway footlong to be less than $15?    I appreciate your confidence in free market economics but even the free market has to deal with a devalued dollar.

Zurn wrote:

Travis of the Cosmos wrote:I just went to subways site and the only way I can get a foot long sub (too much food) to be over $15 is if I get double meat (gross) and add shit like bacon and pepperoni. Maybe the cost of your subway order is a you problem.

Travis of the Cosmos wrote:

Zurn wrote:

No, this is what you said:

I just went to subways site and the only way I can get a foot long sub (too much food) to be over $15 is if I get double meat (gross) and add shit like bacon and pepperoni.

Yes, if you get extras it costs $15. You got extras. This is not hard.

Travis of the Cosmos wrote:

Zurn wrote:

No, this is what you said:

I just went to subways site and the only way I can get a foot long sub (too much food) to be over $15 is if I get double meat (gross) and add shit like bacon and pepperoni.

Yes, if you get extras it costs $15. You got extras. This is not hard.

Zurn wrote:

Travis of the Cosmos wrote:
Yes, if you get extras it costs $15. You got extras. This is not hard.

I guess in your world a turkey and ham with added fresh mozzarella is same as double meat PLUS shit like bacon and pepperoni (and that would be the ONLY way to get over $15).   Understandable why you would think inflation is simply excess profit.  

Travis of the Cosmos wrote:

Zurn wrote:

I guess in your world a turkey and ham with added fresh mozzarella is same as double meat PLUS shit like bacon and pepperoni (and that would be the ONLY way to get over $15).   Understandable why you would think inflation is simply excess profit.  

You know I don’t even know how much the double meat was, but I don’t think it was four dollars. I guess you’re right zurn, there was a different way, you could get a different extra added to the sandwich. Ya got me, good job.

You know you sound incredibly stupid, right? Like, you could just not stick to your guns on this silly $15 thing and just move on.

Turtleneck wrote:

Travis of the Cosmos wrote:
You know I don’t even know how much the double meat was, but I don’t think it was four dollars. I guess you’re right zurn, there was a different way, you could get a different extra added to the sandwich. Ya got me, good job.

You know you sound incredibly stupid, right? Like, you could just not stick to your guns on this silly $15 thing and just move on.

You new here?

In 1776, British economist Adam Smith published The Wealth of Nations, a book that laid out the principles that modern economies have operated under for centuries (with the exception of the Reagan Revolution years of 1981-2021). In addition to arguing for a strong domestic manufacturing base and high taxes on the wealthy...

Travis of the Cosmos wrote:

Zurn wrote:

I guess in your world a turkey and ham with added fresh mozzarella is same as double meat PLUS shit like bacon and pepperoni (and that would be the ONLY way to get over $15).   Understandable why you would think inflation is simply excess profit.  

You know I don’t even know how much the double meat was, but I don’t think it was four dollars. I guess you’re right zurn, there was a different way, you could get a different extra added to the sandwich. Ya got me, good job.

You know you sound incredibly stupid, right? Like, you could just not stick to your guns on this silly $15 thing and just move on.

Zurn wrote:

Travis of the Cosmos wrote:
You know I don’t even know how much the double meat was, but I don’t think it was four dollars. I guess you’re right zurn, there was a different way, you could get a different extra added to the sandwich. Ya got me, good job.

You know you sound incredibly stupid, right? Like, you could just not stick to your guns on this silly $15 thing and just move on.

What is your actual point Travis?   It seems like you are trying to deny the reality of inflation.  Why?  Because it reflects poorly on Biden?    I used the simple example of a sandwich now costing $15.   Somehow you felt it was necessary to not only deny that fact but to also accuse me of being some kind of double meat, bacon and pepperoni eating fat slob.   Just to be clear, I have nothing against pepperoni or bacon, I just wouldn't eat them together.

Zurn wrote:

Travis of the Cosmos wrote:
You know I don’t even know how much the double meat was, but I don’t think it was four dollars. I guess you’re right zurn, there was a different way, you could get a different extra added to the sandwich. Ya got me, good job.

You know you sound incredibly stupid, right? Like, you could just not stick to your guns on this silly $15 thing and just move on.

What is your actual point Travis?   It seems like you are trying to deny the reality of inflation.  Why?  Because it reflects poorly on Biden?    I used the simple example of a sandwich now costing $15.   Somehow you felt it was necessary to not only deny that fact but to also accuse me of being some kind of double meat, bacon and pepperoni eating fat slob.   Just to be clear, I have nothing against pepperoni or bacon, I just wouldn't eat them together.

Travis of the Cosmos wrote:

Zurn wrote:

What is your actual point Travis?   It seems like you are trying to deny the reality of inflation.  Why?  Because it reflects poorly on Biden?    I used the simple example of a sandwich now costing $15.   Somehow you felt it was necessary to not only deny that fact but to also accuse me of being some kind of double meat, bacon and pepperoni eating fat slob.   Just to be clear, I have nothing against pepperoni or bacon, I just wouldn't eat them together.

I’m calling you a liar, liar.

This blog explores the interplay of wages, employment, and prices to unpack this dynamic. We offer four key conclusions:

Real wages have risen since before the pandemic across the income distribution. In particular, middle-income and lower-income households have seen their real earnings rise especially fast. And in the past 12 months, real wages overall have grown faster than they did in the pre-pandemic expansion.

Household purchasing power has increased as a result. In 2023, the median American worker can afford the same goods and services as they did in 2019, plus an additional $1,000 to spend or save—because median earnings rose faster than prices.

The U.S. economy now has over 2 million more jobs than pre-pandemic forecasters expected. Therefore, more and more workers are benefitting from increased purchasing power, thanks to the strong and resilient labor market.

This pattern of rising purchasing power is particularly American: other advanced economies have generally seen lower, and in many cases negative, real wage growth.

An underlying gauge of inflation, core CPI — which excludes energy and food costs — rose 0.3%, matching the prior month's pace. In the year through December, it's up 3.9% — down from the 4% rise in November.

Inflation is well below the peak reached in 2022. But a complete return to normal — with mild price increases that defined pre-pandemic times — might not happen as quickly as policymakers would like.

Excluding volatile food and energy costs, though, so-called core prices rose just 0.3% month over month, unchanged from November’s increase. Core prices were up 3.9% from a year earlier — the mildest such pace since May 2021. Economists pay particular attention to core prices because, by excluding costs that typically jump around from month to month, they are seen as a better guide to the likely path of inflation.

Thursday’s figures reflected the outsize role that housing plays in the U.S. consumer price index — roughly a third of the index. A measure of homeownership alone makes up roughly 25% of it. The government measures homeownership costs by calculating how much rent a homeowner would likely charge if that home were actually being rented — a figure seen as equivalent to the cost of owning the property. Overall housing prices rose 0.5% from November to December. Rents were up 0.4%, homeownership 0.5%.

Over the past year, consumers have enjoyed some price declines for some individual items. Furniture and bedding prices are down 4%, for example. Men’s suits and coats are down 6%, televisions 10%, sporting goods nearly 3%, sausages nearly 4%.

The Federal Reserve, which began aggressively raising interest rates in March 2022 to try to slow the pace of price increases, wants to reduce year-over-year inflation to its 2% target level. And there are solid reasons for optimism that inflationary pressure will continue to recede in the coming months.

Americans overall have a surprising degree of satisfaction with their economic situation, according to findings from the Axios Vibes survey by The Harris Poll.

Why it matters: That's in spite of dour views among certain subsets of the country — and in contrast to consumer sentiment polls that remain stubbornly weak, partly because of the lingering effects of 2022's inflation.

The Axios Vibes poll has found that when asked about their own financial condition, or that of their local community, Americans are characteristically optimistic.

...political affiliation influences the responses that Republicans, in particular, give when they're asked about the economy.

PANAMA CITY (AP) — A severe drought that began last year has forced authorities to slash ship crossings by 36% in the Panama Canal, one of the world’s most important trade routes.

GRR Spartan wrote:There has been wage inflation so those folks making and serving your subs, making your cheeseburgers, frying your chicken sandwiches are making $12-$15 instead of the $7.5 -$10 per hour.

Labor rates in the service industry especially the fast food sector expose a disconnect between consumers and the companies along with their franchisees who have depended on low wage labor for decades.

Most restaurants aim for labor cost percentage somewhere between 25%-35% of sales, but that goal may vary by restaurant industry segment:

The current minimum wage in Michigan is $9.65. Tipped wages in the state are calculated at 38% of its standard minimum wage, making the minimum wage for tipped workers $3.67. Michigan plans to increase tipped workers' minimum wage to $4.58 by the year 2030.

Speaking of rising numbers, the Bureau of Economic Analysis (BEA) reported yesterday that gross domestic product grew by 3.3 percent in the last three months of 2023, faster than many anticipated and largely driven by energetic consumer spending, a strong job market and and rising wages.

As The Washington Post put it, this offers “fresh evidence that federal policymakers have managed to bring down inflation and secure a ‘soft landing’ without major repercussions for workers or the economy.” The BEA also reported that the annualized inflation rate dropped to 1.7 percent in the last three months of the year, the lowest rate since the second quarter of 2020.

WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship.

Friday’s government report showed that prices rose just 0.2% from November to December, a pace consistent with pre-pandemic levels and barely above the Fed’s 2% annual target. Measured from a year earlier, prices increased 2.6%.

Excluding volatile food and energy costs, so-called “core” prices rose just 0.2% from month to month and 2.9% from a year earlier — the smallest such rise since March 2021. Economists consider core prices a better gauge of the likely path of inflation.

Like a multicar pileup, COVID triggered a chain reaction of supply and demand distortions in the automotive industry that’s still uncoiling. Supply chain snafus and a semiconductor shortage caused a dearth of new vehicles in 2021 and 2022. The result was the usual outcome when demand exceeds supply: soaring prices. The average cost of a new car spiked by 22% from March 2021 through December 2022, according to Cox Automotive. Americans were paying nearly $50,000 on average for a new car.

Floyd Robertson wrote:Not all the inflation news is good news...

The latest inflation scourge: Car insurance

Like a multicar pileup, COVID triggered a chain reaction of supply and demand distortions in the automotive industry that’s still uncoiling. Supply chain snafus and a semiconductor shortage caused a dearth of new vehicles in 2021 and 2022. The result was the usual outcome when demand exceeds supply: soaring prices. The average cost of a new car spiked by 22% from March 2021 through December 2022, according to Cox Automotive. Americans were paying nearly $50,000 on average for a new car.

The Conference Board Consumer Confidence Index rose in January to 114.8 (1985=100), up from a revised 108.0 in December. The reading was the highest since December 2021, and marked the third straight monthly increase. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—surged to 161.3 (1985=100) from 147.2 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—improved to 83.8 (1985=100) in January, up from a revised reading of 81.9 in December.

The prices consumers pay in the marketplace rose at an even slower pace than originally reported, according to closely watched revisions the government released Friday.

Updates to the consumer price index showed that the broad basket of goods and services measured increased 0.2% on the month, less than the originally reported 0.3%, the Labor Department’s Bureau of Labor Statistics said.

While the change is only modest, it helped confirm that inflation was moderating as 2023 ended, giving more leeway to the Federal Reserve to start cutting interest rates later this year.

Inflation-battered grocery shoppers are poised to get a much-needed break in meat prices — thanks to the emerging renewable fuel industry boom.

As it becomes increasingly popular to produce sustainable fuel from processing soybeans, there is a massive amount of a co-product called soymeal produced.

As a result, soymeal — the main ingredient in animal feed — has become more readily available, and thus cheaper, for meat purveyors, according to Bloomberg.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a seasonally adjusted basis, after rising 0.2 percent in December, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal adjustment.

The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two thirds of the monthly all items increase. The food index increased 0.4 percent in January, as the food at home index increased 0.4 percent and the food away from home index rose 0.5 percent over the month. In contrast, the energy index fell 0.9 percent over the month due in large part to the decline in the gasoline index.

CHEERS to taming the beast. The monthly inflation report is out, and it shows that prices continue to "slow markedly" and "amount to a positive sign for the Fed ahead of its next rate decision in March." For more in-depth analysis, let's turn it over to the corporate media via yesterday’s evening newscasts:

"Yes, but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but..."

CHEERS to taming the beast. The monthly inflation report is out, and it shows that prices continue to "slow markedly" and "amount to a positive sign for the Fed ahead of its next rate decision in March." ]

Trapper Gus wrote:

CHEERS to taming the beast. The monthly inflation report is out, and it shows that prices continue to "slow markedly" and "amount to a positive sign for the Fed ahead of its next rate decision in March." For more in-depth analysis, let's turn it over to the corporate media via yesterday’s evening newscasts:

"Yes, but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but but..."

Link just for Bob

Zurn wrote:

So Trapper and the DailyKos thought the inflation number of 3.1% was good news.  What did the markets think?   Oh ... they tanked.  

Folks who changed jobs in 2022 saw their wages rise a stunning 16.4%, per ADP data, compared to 5% gains for those who stayed in the same job.

Trapper Gus wrote:

Zurn wrote:

So Trapper and the DailyKos thought the inflation number of 3.1% was good news.  What did the markets think?   Oh ... they tanked.  

Short term reaction yesterday, today so far they are having a dead cat bounce day.

Everyone, except perhaps you, knew the markets were over extended and due for some profit taking.

Motown Spartan wrote:

Trapper Gus wrote:

Short term reaction yesterday, today so far they are having a dead cat bounce day.

Everyone, except perhaps you, knew the markets were over extended and due for some profit taking.

I’m not sure the term dead cat bounce applies when we’re just off of record highs.