A Stag(flation) Party in the City of Brotherly Love

                                                           

The trend toward stagflation showed up again on Thursday when the Federal Reserve Bank of Philadelphia published the latest report on its survey of manufacturers.     August 19, 2021   Today's Top Stories From the Breitbart News Desk The trend toward stagflation showed up again on Thursday when the Federal Reserve Bank of Philadelphia published the latest report on its survey of manufacturers. Economists had expected the current activity index to advance in August from July. Instead, the index dropped, indicating that growth had slowed down compared wth the previous month. The jarring thing, however, is that the slowdown in growth was not accompanied by a slowing of inflation. The prices paid by manufacturers remained at a very elevated level, and the prices received metric rose to the highest level since 1974. What's more, in this week's special questions, manufacturers were asked to estimate year-ahead inflation, and this came in tied with May's five percent. When asked to estimate their own prices a year out, manufacturers said they would also rise five percent. Although the economists at the Fed and the Biden administration insist that inflation is both narrow and transitory, the Philly Fed report provides ample evidence that it may be neither. This looks instead like inflationary pressures are broadening and becoming more entrenched. The market's reaction to this was a big "meh." The major indexes were flat for the day, staunching the bleeding from Tuesday and Wednesday. Traders may be relieved by the weaker than expected data because it could convince the Fed to hold off on tightening monetary policy. Looser for longer, of course, means stocks can keep going up. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Inflation Hits Highest Since 1974 in Philly Fed Manufacturing Survey as Growth Unexpectedly Slows Inflation signals climbed in August even while the pace of growth in manufacturing unexpectedly slowed in August, according to a survey from the Federal Reserve Bank of Philadelphia. The Philadelphia Fed's survey of manufacturers showed the current activity index slipping from 21.9 to 19.4 in August, the regional Fed bank said Thursday. Economists had forecast an increase in the index to 25. Yet the slowdown in the pace of growth did not slow down price increases. To the contrary, the price indexes climbed in August. [Click here for more]   IN OTHER STORIES... China Admits Taliban Ties Aimed at Getting Afghanistan's $3 Trillion in Rare Earths In the course of hectoring the United States for its "bungled and embarrassing withdraw from Afghanistan" on Thursday, China's state-run Global Times admitted Beijing has a rapacious interest in Afghanistan's vast rare-earths mineral resources and snarled it was none of America's business if China makes deals with the Taliban to get what it wants. The Global Times accused the U.S. of profiteering from Afghanistan for the past twenty years, without offering any theories on where all the plunder might have... [Click here for more]   The Amazonification the U.S. Economy: Data Hosting, Warehousing, Courier Services Explode Higher Call it the Amazonification of the U.S. economy. The fastest-growing sectors of the U.S. economy over the course of the pandemic have been courier services, data processing and hosting, warehousing, and trucking, the Commerce Department's quarterly report on the... [Click here for more]   Feds: Netflix Employees Made Millions from Insider Trading Ring The U.S. Securities and Exchange Commission (SEC) has charged three former Netflix software engineers with running an insider trading ring that generated $3 million in profits. The SEC said confidential Netflix subscriber growth data was used in the scheme to allegedly trade the streaming giant's shares ahead of its earnings reports, according to... [Click here for more] FOLLOW   Did you receive this email from a friend? Sign up to receive Breitbart Business Digest.   *Manage your subscription: *Manage Preferences   ©2021 Breitbart News 149 S. Barrington Ave. #401 Los Angeles CA 90049 USA Subscription Information This email was sent to  Webmaster220 Bible Study Blog *the blog owner has deleted the hyperlink intentionally