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August Retail Sales Supported by Job and Wage Gains Amid Continued Inflation
Consumers’ willingness to spend overcame inflation again in August as more jobs and higher wages helped ease some of the pressure of continuing high prices, the National Retail Federation said today.
“August retail sales show consumers’ resiliency to spend on household priorities despite persistent inflation and rising interest rates,” NRF President and CEO Matthew Shay said. “As we gear up for the holiday season, consumers are seeking value to make their dollars stretch. Retailers have been hard at work managing their supply chains and holiday inventories to provide..."
NRF Says Economy ‘Being Rebalanced’ but ‘Extreme Cooling Off’ Seems Unlikely
The Federal Reserve faces “a tricky job” in addressing inflation but continuing growth in employment, wages and consumer spending make it unlikely the effort will backfire into a major setback for the economy, National Retail Federation Chief Economist Jack Kleinhenz said today.
“With changes underway that focus on taming inflation without splintering the economy, the nation’s economic system is in the process of being rebalanced in ways that are testing its resilience,” Kleinhenz said. “This is an extraordinary period with unprecedented factors that include inflation at a..."
NRF Forecasts Annual Retail Sales to Grow Between 6 Percent and 8 Percent
The National Retail Federation today issued its annual forecast, anticipating that retail sales will grow between 6 percent and 8 percent to more than $4.86 trillion in 2022. The announcement was made during NRF’s annual State of Retail & the Consumer virtual event where retail industry leaders discussed the strength of the consumer economy and the future of retail.
“NRF expects retail sales to increase in 2022, as consumers are ready to spend and have the resources to do so,” NRF President and CEO Matthew Shay said...
NRF Chief Economist Says Inflation Isn’t Hitting Everyone the Same, but Will Still Play a Key Role
Inflation is at a 40-year high but isn’t hitting all consumers as hard as top-line numbers might suggest, National Retail Federation Chief Economist Jack Kleinhenz said today. Nonetheless, consumer worries about rising prices could become self-fulfilling if workers demand higher wages to compensate and will play a role in the Federal Reserve’s efforts to bring inflation under control.
“After decades of relatively low levels, inflation is on everyone’s mind and has been making consumers and businesses..."
Higher Wages, Input Costs, Supply Chain Problems Affecting Pork Prices, Not 'Concentration'
In a report issued today, economists with Iowa State University, North Carolina State University and the National Pork Producers Council found that pork prices have risen because of strong demand for U.S. pork, higher input costs and labor shortages throughout the supply chain, not concentration in the meatpacking industry. The report’s authors, Iowa State’s Dermot Hayes, NC State’s Barry Goodwin and NPPC’s Holly Cook, also found that pork prices in the United States are still lower than in many other countries.
The pork packing industry is made...
Pilgrim’s Announces Significant Wage Increase in Mayfield, Kentucky
Pilgrim’s, a leading global food company and the largest employer in Graves County, Ky., today announced a $4.5 million annualized wage increase for team members at its Mayfield production facility to help support the local community recently impacted by a devastating tornado. The $2 per hour pay increase will elevate starting wages to $16.50 per hour at the Mayfield facility.
“The community of Mayfield has suffered through an incredibly challenging time and as a critical employer in the county, Pilgrim’s is committed to help bring back Mayfield stronger..."
Wages, Input Costs & Supply Chain Problems Pushing Up Pork Prices, Not Profits
In a report issued today on retail pork prices economists with Iowa State University, North Carolina State University and the National Pork Producers Council found that pork prices, not industry profits, are rising. Prices are rising due to increased transportation costs, supply bottlenecks and delays and increased labor costs throughout the pork chain. Those factors, said Iowa State’s Dermot Hayes, NC State’s Barry Goodwin and NPPC’s Holly Cook, were either caused or exacerbated by the COVID-19 pandemic.
Other factors that have affected prices up and down the...
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