The number of jobless claims rose last week for the week ending August 21st. The Labor Department reported that another 353,000 people filed for unemployment, a slight rise from the previous week.
This equates to just a tad more than three fully-packed University of Michigan football stadiums.
Multiple sources are seeing different results across the board, from varying states in different sectors. Some businesses cannot find a sufficient amount of workers to operate the business. Others are facing supply-chain disruptions and shortages. And then some store’s shelves are picked clean from people making early panic buys.
It’s certainly a big of jelly beans, and we will look at some of what is going on currently; though this is certainly not a very detailed overview; plus, The WinePress has been reporting on many of these related issues for a while.
Young Adults Spending More Than Ever
According to a survey consisting of 2,000 Gen-Z’ers and Millennials – are “cashing in” and are out spending, making up for lost time that occurred during the wave of lockdowns and restrictions.
69% surveyed have returned to spending money on things they missed since the pandemonium of 2020. Roughly 75% are focusing on activities with friends and family.
Slightly over half (51%) said they splurged on their spending when many of the restrictions came to an end at the beginning of summer this year, by going on a trip. Another 49% spent their money on fancy dinners and drinks at bars and restaurants.
They survey found that 59% of those surveyed are spending more money than they did before, with another 58% creating new savings goals due to their habits changing.
Be that is it may, 60% respondents believe they are more financially confident then they were before, and their desire to be economically responsible.
This translates to a little over 30% of those surveyed admitting that they are now budgeting for the first time ever. 39% are using new methods to do so, such as apps or other spreadsheets for tracking purposes.
‘The survey also finds 61% of respondents managed to save at least $1,000 from the start of the pandemic in 2020 through the start of summer 2021. One in 10 saved over $5,000. With those new savings, Gen-Z and millennials say they’ll put that towards paying off their student loans (38%), spend it on a vacation (37%), pay their rent (32%), and make payments on their credit cards (29%),’ according to the survey results.
It’s encouraging to see that young Americans are feeling more financially confident throughout what continues to be a very difficult and challenging time and that so many are focused on maintaining their hard-earned savings. Importantly, we see from our survey that many are balancing using their savings to both benefit their long-term goals, including paying off their student loans, and have fulfilling personal lives, a balance that is necessary for a strong financial future.
Alyssa Schaefer, Chief Experience Officer at Laurel Road, in a statement.
Though, small percentages are reported to have learned the lessons of have a budget and increased savings since the financial turmoil that accelerated in 2020.
Answers To Why Some Shelves Are Picked Clean?
According to a recent report from the Wall Street Journal, many grocery store chains are facing massive supply-chain problems, similar to those experienced in the spring of 2020 when the panic buying kicked in and many services were shuttered.
They report a shortage of raw materials and workers. Some food companies are saying that shortages could last into 2022.
Chief executive of Rouses Markets based in Louisiana, Donny Rouse, says that his chain of over 60 supermarkets are running low on everything from canned goods to pet food. He says the company only receives 40% of what they ordered, forcing him and his staff to secure goods far earlier and often than in times past. Before, they received over 90% of its orders.
It is difficult for customers to get everything they want to get.
Rouse said
For example, the popular “Lunchables” made by the Kraft Heinz Company have been harder to get, so the grocery store chain is now making their own version of it. Or when they received less of what was promised of their Hunt’s tomato sauce, and other products, they filled the gap with more private-label brands.
They are forced to offer less variety than before.
On top of this, Rouse said they are requesting more manufacturers provide products directly from plants.
Every grocery store is doing the same thing.
He said
Every day, overall, stores are ordering 10% more than what we can get for them.
David Smith, CEO of Associated Wholesale Grocers Inc., one of the suppliers for Rouse.
Citing data from research firm IRI, some retailers did not expect this rise in demand, with monthly sales increasing to 14% from two years ago and 3% from 2020.
The WSJ writes, ‘To keep stores stocked, retailers are rethinking when and how to procure products they sell. Some are carrying fewer flavors or sizes, selling different brands and gathering inventory whenever possible. Regional and smaller grocers are struggling more than the biggest chains, industry executives said.’
A major problem food manufacturers are running into are raw materials are running short, such as aluminum, resin, and a host of many other things, that are used for packaging. This has lead to retailers giving precedence to their most popular products and brands.
According to the report, this problem is compacted upon the fact that many employees and able-bodied workers are staying home due to Covid-19 fears and infection, or because they received numerous rounds of stimulus checks, and state and federal benefits.
“The shelves are empty, and online they are always out of stock,” said Amber Edwards, a mother of two who lives in Huntsville, Alabama; who has driven to multiple supermarkets to look for cherry-flavored Gatorade, but the stores never have it and only sell smaller portions of various flavors.
No Toys Under The Tree?
Roughly around the same time the WSJ published their report, Vice-President Kamala Harris also spoke about getting Christmas shopping done now.
Rather than making a mention of the current debacle in Afghanistan, Harris told a roundtable conference that families should start buying up on Christmas presents now rather than in the winter and late-fall.
The stories that we are now hearing about the caution that if you want to have Christmas toys for your children, it might now be might be the time to start buying them, because the delay may be many, many months.
So across the board, people are experiencing the issue.
And, of course, the climate crisis is fueling a lot of this. When we look at the stronger typhoons that have disrupted shipping lanes and sea level rise, which threatens port infrastructure as an example. So these are the many issues that are that are causing these disruptions.
Said Harris, reported by the New York Times
AUTHOR COMMENTARY
[1] This know also, that in the last days perilous times shall come. [2] For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, [3] Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, [4] Traitors, heady, highminded, lovers of pleasures more than lovers of God; [5] Having a form of godliness, but denying the power thereof: from such turn away.2 Timothy 3:1-5
Boy ‘o boy do we see that on display today, especially since 2020! If you are just now arriving to the party about what is going regarding the economy, then allow me to tell you are extremely late. This report does not itself justice, unless you consider many of the other factoids I have covered in previously reports. You can check some of them out to get get a broad overview:
The Quickest Way To Know The Economy Is Broken Beyond Repair
Why Is The Housing Market On Fire? What The Media Never Wants To Talk About
Americans In Massive Debt. Setting Up ‘GoFundMe’ Accounts To Pay Bills
People just can’t stop spending for the live of them. As soon as they “save” money (most of them didn’t even work for), then they blow it on the dumbest of things.
Have you noticed how on all these online stores there is some sort of credit app you can use, that allows you to make multiple payments over a set course of time? The first time I genuinely toon note of them when I was shopping for some new athletic gear on a mma website, and I found a pair of trunks for roughly $28. Or I could have paid 4 weekly payments, and THEN I would officially own the clothes on my body. That tells the story: people can’t actually afford to pay the whole amount up front, they have to get into debt just to put their pants on!
As for the massive labor shortage, yes, it is very true stimulus plays a huge roll in all of this; but something none of the reports that I read and hear never ever mention are the vaccine-testing-mask mandates being reinstated. This is a mega-factor that people do not want to address. So many conservative politicians and mouth-pieces talk about cutting benefits to force people back to work. But then these restrictions come into play. And obviously, a lot of people do not want the vaccine or to suffocate in a mask. So then these “Let them eat cake” political hacks like Governor Kristi Noem of South Dakota tell the people to just find a different job if the business enforces restrictions. -Not good enough, you silly woman.
More Republican Politicians Betray Their Supporters Over Covid
I also thought it was interesting that grocery stores are now forced to get more plant-based products. This plays into what The WP has been preaching for a long time.
Impossible Foods To Slash Their Prices Again In Order To Undercut Meat Prices
Big-Food Giant Nestle Joins With The World’s Largest Fake Meat Factory, Furthering Bible Prophecy
Agenda 2030: You’ll Own Nothing And Be Happy
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Just think what happens on Black Friday, it’s disturbing to the fullest! A stampede of greedy heathen shoppers who will literally kill you for a 75 percent discount on a television or all nine seasons of Friends, or a PlayStation 5 and the latest Grand Theft Auto or Call of Duty, they’ll punch, shove, beat you with whatever implement at their disposal, pepper spray, and/or taser you or stab or shoot ya for that deal! RUN AWAY!!!
Your kids won’t care about new shoes and toys if they can’t eat. Stock up on food, vitamins, etc…
Mitch – http://crn.hopto.org/media.html#prep