Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- $7 a dozen? Why California eggs are so expensive — and increasingly hard to find
- Golden State shoppers are shelling out extreme prices for eggs, amid an outbreak of bird flu that has killed millions of hens and left local grocers struggling to stock cartons that comply with California law.
- Egg cases were bare across Los Angeles County this week, from Trader Joe’s in Long Beach to Amazon Fresh in Inglewood, Target in MidCity to Ralphs in Glendale. Those such as Hodges who found cartons were shocked by the sudden spike in price.
- “I’ve never seen anything like this,” said Anna Sanchez, 32, who scoured the half-empty shelves at a Smart & Final in University Park looking for a dozen eggs for less than $10.
- The average retail price for a dozen large eggs jumped to $7.37 in California this week, up from $4.83 at the beginning of December
- The cause is an unprecedented outbreak of highly pathogenic avian influenza — commonly known as bird flu — that has killed tens of millions of egg-layers nationwide.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- 2023 Spells Big Trouble for US Economy, Majority of Big Banks Warn: Reports
- The Wall Street Journal predict that the United States will fall into the grips of a recession in 2023 and millions of Americans will lose their jobs
- The institutions that predict a coming recession expect consumer spending to weaken as Americans deplete their savings and an aggressive Fed drives up borrowing costs, and as banks’ lending standards get tighter.
- Even though inflation has eased somewhat from its June peak, it’s far from enough for the Fed to hit the brakes on interest rates, which were brought up quickly from near zero in March 2022 to the current range of between 4.24–4.5 percent.
- Frustrated by how sticky high inflation has remained despite the rate hikes, Fed officials have pledged to keep raising rates and keep them high until inflation recedes to around the Fed’s 2 percent target
- Fed officials said they expect the terminal Fed Funds rate—meaning the highest level before it hits a ceiling and later falls—to come in at 5.1 percent.
- Rates that high will push unemployment up from the current 3.7 percent to 4.6 percent in 2023 and stay at that level in 2024, according to the Fed.
- The International Monetary Fund (IMF)… expects more economic pain. “More than a third of the global economy will contract this year or next, while the three largest economies—the United States, the European Union, and China—will continue to stall,”
- “In short, the worst is yet to come, and for many people 2023 will feel like a recession.”
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- People are giving up pets. Blame inflation.
- Not too long ago, Americans opened their homes to a historic number of pets, a development comparable to the post-World War II baby boom in terms of its size. More than 23 million U.S. households — nearly one in five nationwide — have adopted a pet during the coronavirus pandemic, according to the American Society for the Prevention of Cruelty to Animals.
- “When the economy is struggling, families are struggling…”
- In mid-October, 5.2 million households were behind on rent, according to the National Equity Atlas.
- Pet upkeep is not cheap: Annual food, supplies and routine medical care cost between roughly $500 and $1,000 for a dog, and $650 for a cat, according to the ASPCA. Surprise veterinary care can cost thousands of dollars.
- In El Paso, where the poverty rate is nearly 20 percent, pet surrenders swelled after Covid-era rental assistance programs shut down.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Share of Americans living paycheck to paycheck rises to 63% — here’s how to get your finances back on track
- As of November, 63% of Americans were living paycheck to paycheck, according to a monthly LendingClub report — up from 60% the previous month and near the 64% historic high hit in March.
- Even high-income earners are under pressure, LendingClub found. Of those earning more than six figures, 47% reported living paycheck to paycheck, a jump from the previous month’s 43%
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Larry Summers warns unemployment must rise to cool inflation
- Ex-Treasury Secretary Larry Summers warned that millions of currently employed Americans must lose their jobs in order for the Federal Reserve to succeed in its bid to cool inflation
- “We need five years of unemployment above 5% to contain inflation — in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment,” Summers said Monday during a speech in London, according to Bloomberg.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Wholesale inflation rises faster than expected in November as high prices persist
- The Labor Department said inflation at the wholesale level before it reaches consumers, rose 0.3% in November from the previous month. On an annual basis, prices soared 7.4%
- That is down from the 8% reading recorded in October and marks the lowest reading since May 2021.
- The CPI, which will be released next Tuesday at 8:30 a.m. ET, is expected to be another doozy: Economists surveyed by Refinitiv anticipate that inflation rose 7.8% in November, up slightly from the 7.7% in October.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Nearly 70% of Americans struggling to pay grocery bills, survey finds
- Food inflation continues to surge
- Retail technology platform Swiftly reported Wednesday that 69% of shoppers say they are struggling to pay their grocery bills after months of persistently sky-high inflation
- And 83% currently rely on some form of coupons or loyalty program to put food on the table, according to its True Cost of a Grocery Shop survey.
- The Labor Department’s latest consumer price index showed prices rose an average of 7.7% on an annual basis in October, hovering near a four-decade high. But the cost of food at home soared 12.4% over the same month a year ago.
- Some staple items rose by eye-popping amounts, with coffee up 14.8%, cereal up by 16.9%, and eggs up by a staggering 43%.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Peruvian truckers, farmers block roads in protests over fuel, fertilizer
- Peruvian farmers and truck drivers staged at least 14 roadblocks as part of ongoing protests over high gas prices and fertilizer shortages, hitting the trade and tourism sectors in the South American nation.
- Farmers and truckers are feeling the impact of the war in Ukraine, which has pushed prices of fuel and fertilizer higher around the world. Peru also is struggling with its highest inflation rate since the end of the last century.
- Government representatives did not immediately respond to inquiries about the protests.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Cost of Living Crisis: Food Prices Up 40 Percent on Last Year as Potato Costs Rise Over 70 Per Cent
- The German general public is facing a massive surge in the price of food — a considerable contributor to the ongoing cost of living crisis — with government statistics released on Monday indicating that the overall price of groceries in the country has risen by nearly 40 per cent within the last 12 months.
- The increased costs could not come at a worse time for citizens, with officials in the country worrying that riots and civil unrest remains possible should people be unable to properly heat their homes.
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Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Heat or Eat? Natural Gas Prices Set to Skyrocket This Winter on Biden’s Watch
- In a bombshell Nov. 9 report that the mainstream media has virtually ignored, data from Biden’s U.S. Energy Information Administration (EIA) indicated that it predicts the price of natural gas prices will skyrocket during the upcoming winter season. Prices are expected to hit at least 10-12-year highs, and that’s based on normal winter conditions.
- Some long-term forecasts strongly suggest that the upcoming winter season will be especially cold for many areas of the country, as well as higher snowfall amounts for many areas, exacerbating the looming home energy crisis.
- The first sign of relief, according to the agency, might not even come until much later in 2023, when the Freeport LNG terminal in Texas is brought back online.
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