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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Revelations 18:23 ‘For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Grocery Store Inflation Rises to Highest Since 1979: Milk, Cereal, Chicken, Cheese, Butter, Hamburger, and Bread Prices Still Soaring
- Although gasoline prices fell in July and overall inflation cooled, U.S. households did not get any relief in the grocery store aisles.
- Breakfast cereal prices up 1.9 percent from June and 16.4 percent compared with a year ago.
- Bread prices up 2.8 percent from July and 13.7 percent compared with a year ago.
- Ground beef prices rose 0.8 percent in July and are up 9.7 percent compared with a year ago.
- Bacon prices rose 0.2 percent compared with a month ago and are up 9.2 percent compared with a year ago.
- Breakfast sausages up 2.6 percent in July and 15.7 percent over the year.
- Chicken prices rose 1.4 percent in July and 17.6 percent over the year.
- Milk prices rose 0.1 percent in July and 15.6 percent over the year.
- Cheese prices rose two percent in July and 12.6 percent over the year.
- Ice cream prices rose 0.7 percent and 11.3 percent over the year.
- Fruit and vegetable prices rose 0.5 percent in July and 9.3 percent over the year.
- Coffee prices rose 3.5 percent and are up 20.3 percent over the year.
- Butter prices rose 0.2 percent and are up 22.2 percent over the year.
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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:
- Electric truck maker Rivian laying off 6% of its workforce
- Rivian, the Amazon-backed manufacturer of electric pickups, SUVs and delivery vans, is laying off about 6% of its workforce as the company adjusts as the “world has dramatically changed,” according to an email sent by CEO RJ Scaringe to Rivian’s roughly 14,000 employees.
- About 840 of those employees were told Wednesday that they will be leaving the company.
- Scaringe pointed to inflation, rising interest rates and increased commodity prices as factors that led the startup automaker to trim its workforce.
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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 half of all Americans are falling deeper in debt as inflation continues to boost costs
- With inflation hitting a 40-year high in June, Americans are struggling to keep up with rising prices and putting less money aside for emergencies or long-term financial goals, several studies show.
- Americans’ overall satisfaction with their financial condition now stands at a 12-month low, and 43% of consumers expect to add to their debt in the second half of the year.
- 23% have no Emergency savings at all
- 28% say they have some savings but not enough for 3 months
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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:
- 45 Percent of US Small Businesses Freeze Hiring Amid Soaring Inflation, Labor Costs
- About 45 percent of small-business owners in the United States are freezing the hiring of new workers because of high labor costs and skyrocketing inflation, according to the Alignable July Hiring Report.
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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:
- Survey: A third of U.S. small businesses can’t pay rent because of inflation
- 35% of U.S. small business owners “could not pay their rent in full or on time in June.”
- “Most small business owners attribute this worsening situation to record-breaking inflation, which includes escalating gas, labor, and supply costs,” Alignable said. “Simply put, there’s less money available to pay the rent.”
- According to the survey, rent increased for 48% of small businesses this month. Meanwhile, rent delinquencies have continued to increase all year.
- A different survey found that 51 percent of all small businesses owners in the U.S. believe that rising prices could “force them to close their businesses within the next six months.”
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- US Inflation Reached a New 40-year High in June of 9.1%
- Consumer prices soared 9.1% compared with a year earlier, the government said Wednesday, the biggest 12-month increase since 1981, and up from an 8.6% jump in May. On a monthly basis, prices rose 1.3% from May to June, another substantial increase, after prices had jumped 1% from April to May.
- In addition, shipping costs and commodity prices have begun to fall. Pay increases have slowed.
- For now, the relentless spike in inflation has caused a steep drop in consumers’ confidence in the economy, sent President Joe Biden’s approval ratings tumbling, and posed a major political threat to Democrats in the November congressional elections.
- Housing, in particular, has been seized by some of the highest inflation rates in the economy, causing hardships for many.
- The national median home price jumped 14.8% in May from a year earlier to $407,600.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- ‘Everyone Is Struggling:’ As Inflation Soars, 41 Percent Need Side Jobs to Help Pay for Monthly Expenses
- Before prices at the pump and supermarkets started taking off, economists noticed a growing number of Americans putting money toward credit card debt or building their savings.
- Now, according to a new survey by Bankrate, 41 percent of Americans need a side income just to help pay for monthly expenses from housing to utilities to food.
- According to Bankrate, inflation is driving more than a third of Americans to increase working hours due to rising prices.
- 23-year-old Shaina Bourne felt the need to drop out of college due to her tight budget.
- After becoming a full-time nanny, Shaina soon realized she would need more money to make ends meet. That forced her to turn a hobby into a second job.
- As the cost of living continued to go up, Shaina then picked up a third job. “The extra money is going towards my immediate bills,” she said. “I’ve gone through my finances over and over and over and it’s like there’s a little extra needed in each place. Whether it is gas or groceries, even rent has actually taken an uptick in the last few months.”
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- To cope with record inflation, Americans have opened up a record number of credit cards
- This number is an all-time high, breaking the pre-COVID-19 record of $1.092 trillion in 2019. Credit card debt dropped to $974.6 billion in 2020 but that number has been increasing steadily as inflation began to eat up more and more of Americans’ paychecks.
- A survey by Equifax, Americans received 11.5 million new bank credit cards through February 2022. This is a 31.4% increase from the previous year. The total limits for these credit cards were $55.5 billion, a 59.2% increase from the previous year. Total credit limits now stand at $4.12 trillion, $224 billion above the pre-pandemic level.
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