An Endless Supply of Supply Chain Woes

                                                           

October 15, 2021   Today's Top Stories From the Breitbart News Desk This week felt like a watershed moment for public recognition that the economy is supply-constrained and likely to remain so for the foreseeable future. We had Atlanta Fed President Raphael Bostic declare that the supply chain "bottlenecks" were probably going to stick around, and therefore inflation was unlikely to be transitory. And then we had the data from the Department of Labor showing consumer and producer inflation at multi-year highs. Put simply, the supply constraints are slowing the economy's growth while also pushing up prices. The Empire State manufacturing survey's metric for delivery times for manufacturers climbed to an all-time high, setting a record for the second month in a row. On the other side of the country, containers are sitting in West Coast shipyards on average for five to six days, more than twice as long as pre-pandemic, according to analysts at Bank of America. On the labor side, there is a little room for hope that the tightness is lifting and Americans may be willing to go back to work. The enhanced unemployment benefits have ended, and the extra savings created by the $300 pandemic bonus payments appear to be running dry. The evidence for that comes from Bank of America's analysis of credit card usage, which shows that lower income Americans still receiving standard jobless benefits have pulled back on spending. What's more, covid infections had declined dramatically. Schools appear to have successfully reopened, and fears to a return of remote learning have subsided. Add to those factors the return of the requirement to pay rent, in the form of an end to the nationwide eviction moratorium. We don't expect a rush back into the workforce, but these factors will likely create at least enough pressure to gradually nudge people into jobs. The supply-chain problems, however, look like they will take several months if not years to be resolved. There are no signs at all that shortages of goods are easing and plenty of evidence that they are spreading. Last month, the ISM manufacturing customers' inventories index fell near all-time lows, indicating respondents believe inventory levels are too low for their customers. We'll be looking for signs of low inventories to show up again in next week's Phily Fed manufacturing survey and the IHS-Markit purchasing managers' survey. Also on tap for next week will be a special survey by the New York Fed on supply chain woes. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Consumer Sentiment Crashes as Confidence in Biden Economic Policies Collapses U.S. consumer sentiment took a surprise downturn in October to the second-lowest level since 2011. The University of Michigan's preliminary October read of consumer sentiment fell to 71.4 from 72.8 in September, data released Friday showed. Economists had forecast an improvement to 74. Richard Curtin, the survey's chief economists explained the downturn: Consumer sentiment has remained for the past three months at the lows first recorded in response to last year's shutdown of the economy. The Delta variant, supply chain shortages, and reduced labor force participation rates will continue to dim the pace of consumer spending into 2022. There is another, less tangible factor that has contributed to the slump in optimism: confidence in government economic policies has significantly declined during the past six months. [Click here for more]   IN OTHER STORIES... NY Fed Finds Soaring Costs And Record Breaking Delivery Times at Factories Manufacturers are reporting record delays and record inflationary pressures, data from the Federal Reserve Bank of New York showed Friday. The New York Fed's Empire State survey of manufacturers for October indicated that the supply chain problems widely reported are hitting... [Click here for more]   Ex-Walmart CEO: Supply Chain is 'Mess from Start to Finish' Appearing Friday on the Fox Business Network, former Walmart CEO Bill Simon said the supply chain is a "mess from start to finish" as President Joe Biden struggles to alleviate backlogged U.S. ports. DAGEN MCDOWELL: Bill, you're saying you have never seen retail shelves this empty. What are your thoughts on the... [Click here for more]   Biden Report: Climate Change Calls for 'Realignment' of U.S. Economy The domestic crises continue in U.S. ports and on the southern border but President Joe Biden and his administration are focused on so-called climate change, including releasing a a 40-page report on Friday on how the issue threatens the U.S. economy. The report connects weather to endangering finances, insurance, housing, and savings for... [Click here for more] FOLLOW

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