Another surge in consumer prices in September pushed inflation up 5.4% from where it was a year ago, matching the highest shift higher since 2008 as tangled global supply lines continue to create havoc. U.S. consumer prices rose 0.4% in September from August as the costs of new cars, food, gas, and restaurant meals all jumped. The annual increase in the consumer price index matched readings in June and July as the highest in 13 years, the Labor Department said Wednesday. Excluding the volatile food and energy categories, core inflation rose 0.2% in September and 4% compared with a year ago. Core prices hit a three-decade high of 4.5% in June.
The unexpected burst of inflation this year reflects sharply higher prices for food and energy, but also for furniture, cars, televisions, and other largely imported goods. COVID-19 has shut down factories in Asia and slowed U.S. port operations, leaving container ships anchored at sea and consumers and businesses paying more for goods that may not arrive for months. “Price increases stemming from ongoing supply chain bottlenecks amid strong demand will keep the rate of inflation elevated, as supply/demand imbalances are only gradually resolved,” said Kathy Bostjancic, an economist at Oxford Economics, a consulting firm. “While we share the Fed’s view that this isn’t the start of an upward wage-price spiral, we look for inflation to remain persistently above 3% through mid-2022.”
So the Biden administration was wrong about inflation and pretty much everyone honest knew that they were wrong about inflation. But rather than admit that Biden and his minions were wrong about inflation, the media acts like this was a shock. Unexpected? Unexpected my ass!
Economics 101 teaches about inflation and provides us the reason why inflation happens. To make is plain and simple, the more money you dump into the economy the less that money is going to be worth. That is simple math, percentages, and statistics. It doesn't change based on the reasons for dumping money into the economy or who is in charge.
27 comments:
They have not yet been dumping money into the economy yet. So as usual you ignored the fact that the improving economy continues to put pressure on the supply crisis created by the pandemic.
You don't need to be an expert in economics to understand why the supply chain problem is causing inflation rates because of demand by consumers as the economy continues to grow, even if it isn't going fast enough.
A shipping expert believes that the supply chain crisis may last well into 2023 given how global trade has been reshuffled to meet surging American demand.
"We expect... strained supply chains to last until the early parts of 2023," Peter Sand, chief shipping analyst at Copenhagen-based BIMCO, a shipping trade group, told Yahoo Finance Live (video above). "We are basically seeing a global all-but-breakdown of the supply chains from from end-to-end."
In Sand's view, the "spectacular recovery" in U.S. consumer demand the past 15 to 18 months has "completely biased shipping networks."
According to Sand, trade volume between the Far East and North America is "rising so fast" — at about 25% higher than 2019 levels. Global demand has only grown by 5.6% in the first eight months of this year.
"That whole reshuffling of container shipping capacity into service of the American consumers has really strained supply chains across the globe," Sand said.
Container ships wait off the coast of the congested Ports of Los Angeles and Long Beach in Long Beach, I have been there before
Mentions of inflation jumped by more than 900% year-over-year
Deep concern over the supply chain crisis is rippling across every sector of the U.S. economy, with more companies — and consumers — fearing a massive crunch during the holiday shopping season.
According to a note from Bank of America, the third quarter of 2021 had the third-highest number of "profit warnings" story counts on Bloomberg, behind only the fourth quarter of 2015 and the first quarter of 2019. Mentions of "inflation" have risen by more than 900% year-over-year, the bank added.
Amid the influx of bad news about the supply chain crisis, freight rates from China have also increased by 20% because of the pandemic crisis
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Replies
Roger AmickOctober 13, 2021 at 12:45 PM
https://finance.yahoo.com/news/supply-chain-issues-2023-shipping-164403284.html
A shipping expert believes that the supply chain crisis may last well into 2023 given how global trade has been reshuffled to meet surging American demand.
The President just said that the port of Los Angeles should remain open 24 hours aday to address the log jam
So the Biden administration was wrong about inflation,,, and Roger, and James and Dennis.
Wow, freaking amazing, Biden suggests the port stay open 24/7.
God damn, only took him since Jan 21, 2021 to figure it out.
Yet,, i said it months ago.
You Three Socialist Stooges are a new kind of stupid.
Dumping money into the economy by cutting taxes on the top one percent, doesn't trickle down into the common people like me and millions of others who worked their asses off. Their percentage of the GDP is the highest in history!
Bottom up economics has increased astronomic the size of the middle class until Ronald Reagan changed the economy into a top down economic disaster for the middle class.
Roger, clear ypur post up.
Pres. Biden said "should" or did he show real command leadership and "order" it to stay open, 24/7.
And what about the other west coast ports?
Roger doesn't actually know anything about Economics.
He is an expert at making shit up and raw effeminate emotions.
The New York Times article said the same thing I have saying for days.
The Federal Reserve has signaled it will begin dialing back programs that have helped prop up the markets for the past 18 months, while the breakneck pace of economic growth seems to be slowing, a fact underscored by a disappointing September jobs report.
And price increases that grew out of pandemic-related shutdowns and supply chain disruptions have been stubbornly persistent. A key measure of inflation released Wednesday, the Consumer Price Index, climbed 5.4 percent in September compared with the prior year — more than expected in a Bloomberg survey of economists and faster than its 5.3 percent increase through August.
They have been dumping money Roger .
You are hopelessly ignorant.
The comparison between today and the 1970s seems to break down with the “stag” component of stagflation. By almost every measure, economic growth is expected to be remarkably strong this year.
Analysts polled by Bloomberg forecast that gross domestic product will grow 5.9 percent this year — a number that would be the best mark since 1984.
But predictions for growth are being dialed back. On Sunday, analysts at Goldman Sachs trimmed their 2021 growth forecast for the United States to 5.6 percent. It had been as high as 7.2 percent in March.
And on Tuesday, the International Monetary Fund lowered its 2021 global growth forecast to 5.9 percent, down from the 6 percent projected in July, while warning of the risks of supply chain disruptions feeding inflation. Its forecast for the United States was pared back to 6 percent, from the 7 percent growth projected three months ago.
Even so, Kristalina Georgieva, the managing director of the I.M.F., brushed off any talk of stagflation in an interview on Tuesday. Ms. Georgieva said that the world was experiencing a “stop and go” recovery, and that even if the United States was losing some of its considerable momentum, other areas — including Europe — were gaining it.
“We are not seeing the world economy stagnating,” she said. “We are seeing it not moving in sync across the globe.”
🤣breakneck growrth😃
Home heating next up to devastate the household budget.
"U.S. government said Wednesday it expects households to see jumps of up to 54% for their heating bills from last winter."
We might see Capitol police officers arresting them and holding them in jail until they agree to testify under oath.
WASHINGTON (Reuters) - The US House of Representatives Select Committee investigating the deadly Jan. 6 riot at the Capitol will move criminal contempt charges against those who do not comply with its subpoenas, Representative Liz Cheney, the panel's vice chair, said on Tuesday.
The committee late last month subpoenaed four members of former President Donald Trump's administration. They were Trump's former chief of staff Mark Meadows, former White House adviser Steve Bannon, former White House Deputy Chief of Staff Dan Scavino, and former Defense Department official Kash Patel.
The committee has already threatened criminal contempt charges against Bannon for refusing to cooperate with the inquiry into the attack, in which a mob of Trump's supporters stormed the seat of the US government.
Those subpoenaed will have the opportunity to cooperate, but if they do not, the committee will enforce its subpoenas, Cheney, a Republican, told reporters at the US Capitol. She leads the committee along with its chairman, Democratic Representative Bennie Thompson.
"In general, people are going to have to appear, or, you know, we will move contempt charges against them," Cheney said. She said the entire committee was in agreement on that point.
In history they have been arrested because they refused the subpoenas.
A Stock Market Malaise With the Shadow of ’70s-Style Stagflation https://nyti.ms/3oXohtz
WASHINGTON —
President Biden wants to save Christmas — but he may not be able to.
He announced Wednesday that the Port of Los Angeles would operate around the clock to alleviate a logistical bottleneck that has left dozens of container ships idling off the California coast and Americans waiting longer to get products manufactured overseas.
The agreement to have longshoremen unloading cargo through the night is intended to speed the flow of toys, electronics and other gifts to American doorsteps during the holiday season.
“Today’s announcement has the potential to be a game changer,” Biden said as he acknowledged that people are worrying about whether everything from “toasters to sneakers to bicycles to bedroom furniture” was going to be available.
ADVERTISING
BUSINESS
A tangled supply chain means shipping delays. Do your holiday shopping now
Sept. 17, 2021
However, the plan addresses only one link in a global supply chain largely outside of Biden’s control, meaning he faces potential blowback from unhappy shoppers while also lacking the power to fix the mess.
Biden can’t force overseas factories to keep churning out products. He can’t hire more truck drivers to pick up cargo when it arrives. And he can’t stop the pandemic that continues to disrupt operations all over the world.
The bottom line: Americans want their stuff, and there’s very little that Biden can do to get it to them.
Economics 101 teaches us the neither you or the goat fucker have a clue!!!!!!!! BWAAAAAAAAAAAAAA!!!!!!!! As the goat fucker has said....biden policies are driving energy costs through the roof......and Lil Schitty with this thread ignores the global demand pressures that are driving it higher....IOW.... ECO 101
They have not yet been dumping money into the economy yet. So as usual you ignored the fact that the improving economy continues to put pressure on the supply crisis created by the pandemic.
Prior to the two stimulus packages currently being argued about... Congress has put in 2.6 trillion dollars (or over three times the next largest stimulus in history) into the economy since Covid started. All of that was pretty much up front spending (rather than the over 10 years deal we are looking at).
So yeah Roger... inflation is both from what we have done and what people are afraid we are going to do.
Will Chamberlain
Judges Order:
https://twitter.com/willchamberlain/status/1448330554752000005
We don't need a January 6th Commission
We need a congressional commission on the treatment of January 6th detainees
Outrageous conduct by the DOJ and Deportment of Corrections
and unchecked by our elected officials
Banana Republic
confirmed
$800 additional cost for home heating $500 additional cost for gasoline.
In addition to more for food.
Bidenomics is crushing the Medium and low income earners.
Roger, tell us how much money the Fed has dumped into the economy?
Brick Suit
PHOTO:
https://twitter.com/Brick_Suit/status/1448330926476251138
Biden boat parade.
Biden policy has the US producing far less oil in 2021.
Exclusive: Leader of California’s largest union resigns amid tax fraud, embezzlement charges BY JEONG PARK UPDATED OCTOBER 13, 2021 1:14 PM
The executive director of SEIU California, the biggest labor union in the state, is resigning after the attorney general’s office charged her and her husband with multiple counts of tax fraud, embezzlement, perjury and failure to pay unemployment insurance taxes. The office filed its charges against Alma Hernández and her husband, Jose Moscoso, on Oct. 4 in the Sacramento County Superior Court. Hernández, whose union represents over 700,000 workers across the state, had been in her position since 2016. She led the union’s push against recalling Gov. Gavin Newsom, with the organization donating more than $6 million to the campaign.
The investigation that led to criminal charges began in 2019 when the state’s campaign finance watchdog, the Fair Political Practices Commission, drew attention to an allegation that Hernandez as treasurer for a 2014 state senate campaign approved spending to her husband for services he did not provide. The money did not come from an SEIU campaign finance account. That tip led investigators from the the Attorney General’s Office to dig into Moscosco and his company, according to court documents.
Hernández was charged with two counts of grand theft and a count of perjury, for directing $11,700 from the senate campaign to Moscoso, who was supposed to provide food and drink for 80 canvassers, did not do so, according to the complaint. Moscoso was charged with failing to pay more than $16,000 in employment taxes for his business. He also had over $300,000 in unreported wages for his employees, ultimately owing more than $80,000 to the state’s Employment Development Department, according to the complaint. The couple was also charged with multiple counts of tax fraud for underreporting their income by about $1.4 million from 2014 to 2018.
Read more at: https://www.sacbee.com/news/politics-government/capitol-alert/article254976772.html#storylink=cpy
Newsom will pardon her
and take her out for dinner
it's what elites do
Benny
Short VIDEO:
https://twitter.com/bennyjohnson/status/1448371024958001160
One guy claps for Biden
Scared to take questions
has no answers
Joe Biden's America
we are fucked
Blogger KansasDemocrat said...
Biden policy has the US producing far less oil in 2021.
BWAAAAAAPAAAAAA!!!!! Sure goat fucker, sure!!!! LOLOLOLOLOLO Must be that pipeline policy.....LOLOLOLOL
A 140,000 barrels a day less .
Cite : U.S. Energy Information Administration (EIA)
Yes, Biden policies matter.
Crush the US Oil/gas industry is by design.
"logistical bottleneck that has left dozens of container ships idling off the California coast " spectacularly uninfomed Alky.
164 Container ships
Blogger KansasDemocrat said...
A 140,000 barrels a day less .BWAAAAAAAAAAAAAAAAA!!!! Sure goat fucker.....I guess the projections of increased production in the coming months.....is fake......Sorry short but eco 101 for supply and demand holds true, to bad you can't understand that!!!!
2, according to a monthly government report released Wednesday. Crude oil production will fall 260,000 barrels a day to 11.02 million bpd this year and then rebound to 11.73 million bpd in 2022, the U.S.… Continue reading US oil production...
US
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