The Delta Variant of Inflation

                                                           

The dominant story in the U.S. economy right now is the worsening of the supply chain disruption.      October 23, 2021   Today's Top Stories From the Breitbart News Desk The dominant story in the U.S. economy right now is the worsening of the supply chain disruption. Some quick facts: Far from easing following President Biden's announcement of an agreement to extend port hours, the congestion at the Port of Los Angeles and Port of Long Beach grew from 97 ships to at least 100. Auto production, which was expected to pick up in the back half of the year, has continued to fall. Analysts blame Covid outbreaks in Asia, which forced some parts of the semiconductor supply chain to shut down. The huge consumer product giants Unilever and Procter & Gamble announced plans to raise prices and even ration some items because production has been limited by lack of raw materials. Data firm IHS Markit said on Friday that October has seen a "record rise in backlogs of work as firms struggled to meet demand due to supply chain bottlenecks and labour shortages, in turn driving the steepest rise in prices yet recorded by the survey." That last point is perhaps the most important. Inflation, which was expected to fade in the closing months of 2021, is surging once again. The price of used cars, which led the earlier round of inflation, is soaring. The Manheim wholesale used car index recorded an 8 percent rise in the first weeks of October, up from 3 percent in September. The Cleveland Fed's inflation nowcast is reading core-CPI at 0.33 percent on a monthly basis and 4.3 percent annually, compared with 0.2 and 4.0 in September. The public has been ill-prepared for what we might call the equivalent of Delta Variant inflation because the White House and the Federal Reserve insisted that inflation was on its way out. We expect that this unanticipated setback will have a similar depressing effect on consumer confidence as the resurgent virus had. Next week the government will release data on PCE price inflation, the Fed's favored gauge. The Wall Street consensus is for core PCE inflation to rise 3.7 percent. We'd take the over on that. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Bidenflation: Bank of America Raises Its 2022 Inflation Forecast as Supply Chain Worsens Bank of America on Friday raised its forecast for inflation and moved up the date it expects the Federal Reserve will hike interest rates. In their weekly update on the U.S. economy, the bank's economists found wrote that "supply-side challenges in the US are likely to continue through 2022 and sticky inflation is also strengthening." The bank is now forecasting the core Consumer Price Index to be at 3.2 percent next year, up from the earlier forecast of 2.5 percent. Core CPI excludes food and energy prices. The bank moved its estimate for the core Personal Consumption Expenditure price index, an inflation gauge compiled by the Department of Commerce and closely watched by the Federal Reserve, from 2.1 percent to 2.4 percent. [Click here for more]   IN OTHER STORIES... Powell Says Worsening Supply Side Constraints Raise Inflation Risks Federal Reserve Chairman Jerome Powell acknowledged Friday worsening supply side constraints on the economy and the risk of higher inflation. "The risks are clearly now to longer and more-persistent bottlenecks, and thus to higher inflation," Powell said during... [Click here for more]   Unilever Warns Inflation Will Accelerate Into 2022, Impacting Soap, Food, Airfare, Coffee Inflation is expected to accelerate through 2022, increasing the cost of everyday products, multinational consumer goods company Unilever said Thursday. "We expect inflation could be higher next year than this year," said finance chief Graeme Pitkethly, noting the peak... [Click here for more]   Record Number of Ships at Long Beach as Offloading Slows: 'Leadership Is the Missing Ingredient' A record 79 ships were anchored off the Port of Long Beach as of Thursday, after the combined Long Beach-Los Angeles total surpassed 100 earlier this week — and as the pace of offloading ships slowed down, rather than accelerating. Seatrade Maritime News reported on Thursday: [Click here for more] FOLLOW   Did you receive this email from a friend? Sign up to receive Breitbart Business Digest.     ©2021 Breitbart News 149 S. Barrington Ave. #401 Los Angeles CA 90049 USA

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