Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- ‘A $5,000 Pay cut for Families’: 82% Worry About Inflation Heading into Midterm Elections
- New polling suggests the economy is still the dominating issue for the midterm elections with just five weeks to go before the big day. Now both parties are trying to tailor their messaging during the home stretch.
- A new Monmouth poll shows 82% of Americans ranking inflation as an “extremely or very important issue.” Crime, jobs, and immigration follow, with abortion coming in seventh on the list. Still, 56% of Americans ranked the abortion issue as an “extremely or very important issue.”
- “The economic situation continues to deteriorate. We’ve had 8 consecutive quarters of real incomes declining for families in this country and that amounts to nearly a $5,000 pay cut for families,” said Joel Griffith with the Heritage Foundation.
- A separate August report from Lending Club points out 60% of Americans are living paycheck to paycheck.
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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:
- The Trouble With Butter: Tight Dairy Supplies Send Prices Surging Ahead of Baking Season
- Tight supplies have sent butter prices soaring at U.S. supermarkets, surpassing most other foods in the past year. U.S. grocery prices in August rose 13.5% during the past 12 months, the largest annual increase since 1979, according to the Labor Department. Butter outstripped those gains, rising 24.6% over the same period.
- On average, butter prices hit $4.77 per unit in the four-week period ending Aug. 27, the highest level since at least 2017, according to Nielsen.
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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 are looking for extra work to combat inflation
- Cutting costs isn’t enough — people are working more to cover inflation
- Nearly 70% of Americans are looking for extra work to combat inflation, according to more than 1,000 full-time workers, part-time workers and unemployed workers surveyed by Bluecrew
- Already, 85% of Americans said they’ve changed their spending habits due to inflation
- 72% say it’s impacted the way they view their job
- 57% have sought out new or additional roles in the past year, according to the survey.
- But concerns over a recession and future consumer spending could cause some companies to scale back, Laurinas says. For example, Walmart recently announced plans to hire 40,000 workers for the holiday season, down from 150,000 retail workers
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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:
- Mortgage rates hit 6 percent for first time since 2008
- The average mortgage rate for the benchmark home loan rose to 6.02 percent as of Thursday, according to Freddie Mac, up 0.13 percentage points from last week and 3.16 percentage points above its level a year ago. It’s the first time the 30-year fixed rate mortgage rate was above 6 percent since the week of Nov. 20, 2008.
- The Fed is aiming to slow economic activity — including home sales and home price growth — to bring consumer and business spending down to a level that won’t spur inflation. The central bank has hiked its baseline interest rate range four times since March by a total of 2.25 percentage points and is certain to hike rates again next week.
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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.’
- Dow tumbles 1,200 points for worst day since June 2020 after hot inflation report
- The Dow Jones Industrial Average slid 1,276.37 points, or 3.94%, to close at 31,104.97. The S&P 500 dropped 4.32% to 3,932.69, and the Nasdaq Composite sank 5.16% to end the day at 11,633.57.
- Tech stocks were hit particularly hard, with Facebook-parent Meta skidding 9.4% and chip giant Nvidia shedding 9.5%.
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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:
- Flathead Food Banks Overwhelmed as Prices Rise
- As inflation drives up grocery and gas prices, local food banks are struggling to keep up with increasing demand
- The problem of overwhelmed and understocked food banks is not unique to northwest Montana. Food and gas prices are skyrocketing across the country, forcing Americans to pinch pennies and limit purchases. As of last month, grocery store prices were up 10.8% from the same time last year. While supermarket tabs are getting higher, lines at food pantries are getting longer, as Americans struggle to put meals on the table.
- “We’ve seen a decrease in our donations, in our drives, and in our grocery rescue. When there’s less on the shelves, there’s less for us to rescue.”
- North Valley Food Bank in Whitefish, has experienced similar difficulties with grocery rescues. On some recent trips to supermarkets, there has been nearly nothing for the food bank to take, she says
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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:
- The Great American Squeeze: 69 million households are now canceling vacations, driving less and cutting grocery bills as inflation hits home, pollsters reveal
- 56 percent of Americans now say inflation is causing them financial hardship
- A worrying 12 percent said they were experiencing ‘severe hardship’ as their standard of living tanked
- Republicans say inflation is biting into their paychecks more so than Democrats
- Cash-strapped Americans told DailyMail.com they were cutting back on gas and groceries
- Others are working overtime, finding second jobs or even delaying medical procedures
- The economy and rising prices remain a top concern for millions of voters heading in to November’s midterms
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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:
- Hard-up Americans are now taking out loans to pay for GROCERIES using ‘buy now, pay later’ apps which offer instant credit but can charge hefty fees for late payments
- Use of ‘buy now, pay later’ services for basic goods is rising quickly in the US
- In 2021, $45.9 billion in pay-later transactions were made online, a sharp increase from $15.3 billion the year before
- Apps like Klarna and Afterpay offer installment payments with no interest
- But they can charge hefty late fees and critics say they lure consumers into debt
- More people are using BNPL services to buy groceries and dine at restaurants
- Americans can even pay for a Chipotle burrito with an installment plan now
- Pay-later firms say they offer a better alternative to high-interest credit cards
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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:
- Yes, the unemployment rate rose. Here’s why that’s good news
- The Bureau of Labor Statistics reported that the US unemployment rate had ticked up to 3.7% in August, an increase that surprised economists who had expected it to remain at July’s 3.5%
- “If the unemployment rate goes up a little bit because of that, that’s okay. Because there are still many job openings in United States of America and we need to get more people back into work,”
- “That 3.7% unemployment rate is probably still adding to inflation in the US economy through higher wages,” he said. “We think the unemployment rate will have to rise to 5.5%… to get inflation back to the Fed’s 2% target.” Wages rose at an annualized rate of 5.2% in August, the same as in July.
- With inflation running at 8.5%, household finances are under pressure.
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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:
- Biden Gifting Ukraine (Another) $3 Billion as Americans Grapple with Food Shortages, Inflation, and a Porous Southern Border
- The Associated Press reports contracts for as many as three types of drones and other weapons, ammunition and equipment will benefit from the funding, even though it may be a year at least until they see the battlefield.
- The cash splash funded by U.S. taxpayers comes on Ukraine Independence Day and represents the biggest one-time package to date in the six-month-old war, far exceeding the $1 billion delivery earlier this month.
- The gift comes even as Americans continue to suffer from the domestic challenges of food shortages, inflation, gas prices, and a porous southern border flooding the country with almost five million illegal immigrants.
- The U.S. has already allocated some $10.6 billion in military aid to Ukraine since the beginning of the Biden administration, including 19 packages of weapons taken directly from Defense Department stocks since August 2021.
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