Article

2021-06-16 Economy

Retail Sales Tank As Prices Continue To Skyrocket Due To Inflation

[Federalist] Retail sales crashed and wholesale prices skyrocketed in May following unprecedented federal spending binges, the U.S. Department of Labor reported on Tuesday. Although most government-mandated lockdowns and school closures related to the COVID-19 pandemic ended months ago, the U.S. economy has been slow to bounce back.

New data from the Department of Labor’s Bureau of Labor Statistics released on Tuesday show that massive federal spending and loose monetary policies from the Federal Reserve have resulted in significant increases in inflation across nearly all goods, services, and sectors of the economy — the biggest inflation spike in 13 years. The latest release shows that producer prices spiked by 6.6 percent during the last year, with prices increasing a whopping 0.8 percent over the last month alone
(10.0% yearly run rate).
The rise in producer prices mirrors that of consumer prices, measured by the Consumer Price Index (CPI), which have increased 5 percent over the last 12 months.

At the same time, retail sales also crashed, falling 1.3 percent over the last month, according to data released on Tuesday by the U.S. Census Bureau.

Posted by Greck Thomomp6285 2021-06-16 01:49|| || Front Page|| [11138 views ] Top

#1 The large 'box stores' like Walmart and COSCO can suffer the downturn without a great deal of difficulty. Small, family owned businesses, not so much. They'll be squeezed out of business, which is of course the goal.

Posted by Besoeker 2021-06-16 04:15|| 2021-06-16 04:15|| Front Page Top

#2 Well, that should reduce the pressure on 'getting back to work' and 'not enough people seeking employment' issues. (do I need to put a /sarc on that?)

Posted by Procopius2k 2021-06-16 06:24|| 2021-06-16 06:24|| Front Page Top

#3 Guess they'll have to find work mining gold or silver

Posted by Bill Gonque9817 2021-06-16 06:48|| 2021-06-16 06:48|| Front Page Top

#4 ^ Unobtanium

Posted by Frank G 2021-06-16 07:30|| 2021-06-16 07:30|| Front Page Top

#5 Delirium

Posted by Tarzan Flusoth7322 2021-06-16 07:37|| 2021-06-16 07:37|| Front Page Top

#6
Phlogiston

Posted by Snavick Dribble2848 2021-06-16 07:56|| 2021-06-16 07:56|| Front Page Top

#7 CONGRESS while you are demanding $15 p/hr for workplace simpletons and this is having chain reaction effect on consumer pricing.
eg...
Bacon 40+% FAT, 1 pound $4.99 up over $2 in 4 months. While Pork Loin is $2.38lb, 80/20 Hamburger $3.49lb. Rib-eyes "choice" $14.98 LB up $+ a lb. Wally World 32oz Extra Fluffy Pancake mix UP 25%. Skinless Salmon up 14.5%. But EGGS are down??? As we are seeing specials everywhere for a $1.25 18 count.

Where is the Fixed income (SSA/Retirees) COLA's. We have not heard 1 word on this... Just spend, spend, spend on everything except the retired and disable US Citizens and VET's.

BTW:
Grab and print a copy what you like best and put it on the REF or Freezer. SAFE Food Storage Charts and start stocking up on the long term stuff.

Because this could be a 10 to 14 month hard ride for those on a FIXED-INCOME.

Posted by NN2N1 2021-06-16 08:07|| 2021-06-16 08:07|| Front Page Top

#8 Unexpectedly!

Or is it 'As Designed'?

Posted by CrazyFool 2021-06-16 08:40|| 2021-06-16 08:40|| Front Page Top

#9 This is what happens when you run the printing presses 24/7.

Posted by Angstrom 2021-06-16 10:01|| 2021-06-16 10:01|| Front Page Top

#10 We'll just need more printing presses to keep up with Zim-Bob-We.

Posted by Bobby 2021-06-16 10:43|| 2021-06-16 10:43|| Front Page Top

#11 A Vietnam Vet told me how he turned SVN piastres into (higher value) toilet paper

Posted by magpie 2021-06-16 17:32|| 2021-06-16 17:32|| Front Page Top

#12 Some terrible stuff is whitranium!
It's harder than Chinese titanium,
Too bright on the eyes
As it falls from the skies,
And it smarts when it hits your damn cranium.
Whoa!

Posted by Jones of the Night of Joy7516 2021-06-16 23:32|| 2021-06-16 23:32|| Front Page Top

05:28 Whiskey Mike
05:23 Whiskey Mike
05:21 Whiskey Mike
05:18 Whiskey Mike
05:15 Whiskey Mike
05:13 Whiskey Mike
05:08 Whiskey Mike
05:05 Whiskey Mike
05:03 Whiskey Mike
03:23 Besoeker
02:05 Grom the Affective
02:04 Grom the Affective
01:26 49 Pan
00:22 EMS Artifact
00:16 Skidmark