Growing Inflation in an Olive Garden

                                                           

There were more than ten million open jobs on the last day of June, according to the latest Job Opening and Labor Turnover Survey.   View in browser   August 09, 2021   Today's Top Stories From the Breitbart News Desk There were more than ten million open jobs on the last day of June, according to the latest Job Opening and Labor Turnover Survey. The record high number would be extraordinary in any economic environment, but it is particularly notable because there were also around 9.5 million Americans unemployed in June. Very high levels of job openings and heightened unemployment are not typically things we see at the same time. The labor market appears to be considerably tighter—meaning, workers are scarcer—than the official 5.4 percent unemployment rate would indicate. One sign of this showed up in the monthly consumer survey undertaken by the New York Fed. The survey asks respondents to gauge the probability of losing a job. Typically, the mean probability is around 15 percent. In June, it fell all the way down to 10.7 percent, the lowest in records that date back to 2013. That same survey also showed that medium-term inflation expectations are at record highs. Interestingly, a generational rift has arisen when it comes to inflation. Prior to the pandemic, Americans of all ages had broadly similar expectations for inflation, although older Americans tended to expect a bit more than the youngsters. Now the median expectation for those over 59 is for 5.9 percent inflation this year and 5.0 over the next three years. For those under 40, the median expectation is for four percent inflation in the 12-month window and three percent in the medium term. That is a very large gap in expectations. Someone is going to be surprised a year from now. Inflation fears hit shares of Darden—which operates the Olive Garden restaurants—hard on Monday after an analyst at ISI Evercore pointed out that the company is likely to get hit with much higher labor and materials costs. Olive Garden might have trouble passing on some of those costs given consumer expectations for where its meals should be priced. That produced a 4.5 percent decline in the stock. But don't feel too bad: year to date, shares are up nearly 19 percent. The reopening has been very good for Olive Garden—even if the price of dough for the breadsticks keeps climbing. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Bidenflation: Older Americans Expect Far Higher Prices Than Younger Americans U.S. consumers' expectations for inflation over the medium term climbed higher in July, reaching the highest level in eight years, data from the Federal Reserve Bank of New York showed Monday. The median respondent in a July survey of consumers expected an inflation rate of 3.7 percent in three years' time, the highest since August 2013. A month ago, the median expectation was for 3.6 percent. Expectations for inflation over the next year inched up to a record 4.84 percent from June' 4.80 percent. [Click here for more]   IN OTHER STORIES... Kaine: GOP Embrace of Pay-Fors in Bipartisan Bill Gives Us Tool to Say Reconciliation Bill Paid For On Monday's broadcast of MSNBC's "MTP Daily," Sen. Tim Kaine (D-VA) stated that by embracing "using growth projections to pay for some portions of the bipartisan bill," Republicans have given Democrats a tool to argue the reconciliation bill is paid for. Kaine said, "I want to pay for this bill. Now, just remember, Garrett, there [are] a couple of different ways you can pay for... [Click here for more]   Inflation Takes A Bite Out of Olive Garden Owner Darden Shares of Darden fell by nearly 5 percent on Monday after an analyst warned that the market was underappreciating how much inflation would drive up costs for the owner of the Olive Garden chain of restaurants. Evercore ISI Analyst David Palmer cut his rating to "In-Line" from "Outperform" and dropped his price target to... [Click here for more]   Job Openings Jump to Record High 10.1 Million U.S. employers posted a record number of available jobs in June, data from the U.S. Bureau of Labor Statistics showed Monday. There were 10.1 million job openings on the last business day of June, according to the BLS. As well, the government revised up the previous month's figure from... [Click here for more]   Washington Post: Biden's Migration Policy Is 'Politically Toxic' President Joe Biden's border disaster is "politically toxic" for Democrats, according to the Washington Post's editorial board. "For the most part, the administration's impulses are humane," the pro-migration board wrote August 8, adding... [Click here for more]

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