“These are frighteningly high inflation numbers, the likes of which we haven’t seen for decades,” said Allen Sinai, chief global economist, and strategist at Decision Economics, Inc. He expects that inflation hit 7% in November.
Consumer prices surged at the fastest pace in nearly four decades in November as Americans paid more for practically everything from groceries to cars to gasoline, solidifying hot inflation as a key trait of the economic recovery.
US inflation hit a 39-year high at 6.8% in November. Since the CPI is manipulated, it’s actually much higher.
It marks the fastest increase in consumer prices since June 1982, when inflation hit 7.1%.
The administration will try to put lipstick on this pig as they continue inflationary policies.
THE LOWER UNEMPLOYMENT ISN’T WHAT IT SEEMS
The administration will boast of the unemployment rate going from 4.6% to 4.2%. What they leave out is the fact that more than 100 million people are out of the workforce.
Note to the left…. Unemployment claims is the metric of people claiming to be trying to find work and draw benefits.
People who quit and are sitting things out do not go on that.
Workforce participation is still abysmal pic.twitter.com/GJA3fQ2n8Q— GWardHome (@gwardhome) December 10, 2021
A shortage of available workers is also affecting inflation and the overall economy, pushing companies to raise prices to offset higher labor costs. Companies are setting aside an average 3.9% of total payroll for wage increases next year, the most since 2008, according to a survey by the Conference Board, a private research group.
People are being paid to stay home thanks to the Democrats.
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PRICES CONTINUE TO RISE WITH NO LET-UP
Sixty percent of small-business owners said they had increased prices in the previous 90 days, according to a November survey of more than 560 small businesses for The Wall Street Journal by Vistage Worldwide Inc., a business-coaching and peer-advisory firm. Eighty percent of the companies surveyed reported increased labor costs, while 72% said their suppliers had raised prices.
FRIGHTENING BUT WE’RE SPENDING [DUH, THE HOLIDAYS]
“These are frighteningly high inflation numbers, the likes of which we haven’t seen for decades,” said Allen Sinai, chief global economist, and strategist at Decision Economics, Inc. He expects that inflation hit 7% in November.
He also said the good thing is spending.
“We have tremendous spending by consumers. A lot of people are getting hired. Demand is huge. Monetary policy remains very easy and fiscal stimulus has no precedent in history,” Mr. Sinai said.
Consumer spending has also remained strong, advancing 1.3% in October, the most recent government figures.
Unlike in past recoveries, strong demand for goods such as autos, furniture and appliances has driven much of the inflation surge. Prices for services—such as for travel and recreation—have generally climbed much less with softer demand. The holiday season is likely exacerbating these dynamics, said Aneta Markowska, chief financial economist at Jefferies LLC.
“The supply-demand imbalances will continue to widen,” she said.
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