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- Daily Scoop 22-6-14
Daily Scoop 22-6-14
👋 Your Tuesday Scoops - Coinbase slashes staff & PG&E looks to go green
Today's Scoop:Gloom
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Big Picture
Basically everything continues to get more expensive, quickly.
Businesses are feeling significant pain from rising supply costs.
Small businesses are struggling to fill available positions.
The Market:
⬇️
-0.4%
S&P 500: 3,735.48
1Mo:
-7%
| 1Yr:
-12%
| 5Yr:
+54%
Markets oscillated around the year's lowest point today as investors continued to digest the inflation data.
Costs for consumers and businesses have continued to surge
, driving more pessimism about the economy.
The May Consumer Price Index report showed
prices for consumer goods have risen at the fastest rate in over forty years
. Inflation is
most serious across food and fuel
. Groceries are almost 12% more expensive than a year ago, the most significant one-year jump since 1979. Gas prices are at all-time highs, nearly 50% higher than a year ago.
Today, the Bureau of Labor Statistics released data for the May Producer Price Index, showing that the
costs of materials up the supply chain are rising at near-record rates
. Prices for things businesses spend money on are 10.8% higher than a year ago.
The National Federation of Independent Business reported that
small business optimism fell to a nearly 50-year low
as businesses battle higher costs and struggle to fill roles. More than 90% of businesses trying to fill positions reported few or no qualified applicants.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Coinbase
-
American Airlines
-
PG&E
-
Adobe's
-
Stitch Fix
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
For many of us, the word
recession
means economic crisis. The last two recessions were the most severe economic disasters of the last half-century. In 2008, the global financial system collapsed. In 2020, the global economy was completely shut down.
Not every recession is a financial crisis
. Recessions are a natural part of the economic cycle. The economy grows, slows, and contracts. We're in unprecedented times, so it's hard to say what comes next, but the financial commentators aren't necessarily talking about an impending collapse. A
recession
can be defined as two quarters of less economic production (
GDP
) than the previous. The first quarter was already a
contraction
. If this current quarter is also negative, we're already in a recession. Keep in mind that
unemployment
is about as low as economists think it can go, there are two available jobs for every unemployed worker, and corporate profits have never been stronger. No one knows exactly how
inflation
will affect growth, so uncertainty breeds
volatility
.
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