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- Daily Scoop 22-5-12
Daily Scoop 22-5-12
👋 Your Thursday Scoops - Baby formula shortage & Beyond meatless mishaps
Today's Scoop:Wobbles
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Big Picture
Corporations had a solid first quarter.
The number of workers laid off last week was still low.
Everything consumers and businesses spend money on is much more expensive than it was a year ago.
The Market:
⬇️
-0.1%
S&P 500: 3,930.08
1Mo:
-12%
| 1Yr:
-4%
| 5Yr:
+65%
Markets seesawed again today. It's been a rough few weeks, with
investors fearing an economic slowdown
coming
due to high inflation and rising interest rates.
Corporate profits have been surprisingly good.
We're almost finished with first-quarter financial updates, aka earnings season, and roughly 80% of companies in the S&P 500 reported better profits than expected.
Layoffs inched up last week but remained at historically low levels.
The Labor Department said initial unemployment claims were 203,000 for the week ending May 7th.
Following yesterday's Consumer Price Index report indicating an 8.3% inflation rate on consumer goods, the Bureau of Labor Statistics announced an 11% rise in the Producer Price Index.
Businesses' wholesale supply costs are 11% higher than a year ago.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Abbott's
-
Disney
-
Target
-
Beyond Meat
-
Bumble
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
The
Producer Price Index
(PPI) is another important indicator for economists tracking inflation.
Inflation
is the rate at which things get more expensive. Unlike the
Consumer Price Index
, which looks at a set basket of stuff your average consumer spends money on and tracks how much it costs each month, the PPI tracks the prices of
wholesale goods
- like how much Ford pays for its tires. The rate of change in those prices is inflation. Prices rarely decline. Inflation, aka rising prices, is only a problem when it's really fast. Business supply costs increasing 11% per year is not manageable.
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