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- Daily Scoop 22-7-13
Daily Scoop 22-7-13
👋 Your Wednesday Scoops - Delta pricing profits & Tesla shuts office
Today's Scoop:Inflated
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Big Picture
Inflation is still at its highest level in over 40 years.
Rents spiked in June.
Wages are not keeping up with inflation.
The Market:
⬇️
-0.5%
S&P 500: 3,801.78
1Mo:
+2%
| 1Yr:
-13%
| 5Yr:
+55%
Markets stumbled today after the release of another shockingly-high inflation number.
The stuff consumers spend money on is 9.1% more expensive than it was a year ago
, the fastest increase in over 41 years. The Bureau of Labor Statistics reported the Consumer Price Index (CPI) rose 1.3% in June, driven by a wide range of climbing goods and service prices.
Home rental costs jumped
by 0.8% in June, the fastest one-month jump since 1986.
Gasoline prices spiked
11% in June alone, up 60% from a year ago.
Food costs have risen by over 1% for six straight months
, now 10% more expensive than a year ago.
Workers' wages are not rising to meet the higher cost of living.
The Labor Department reported inflation-adjusted wages declined 1% in June, down 3.6% from a year ago. Make sure you're asking for a raise!
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
Delta Air Lines
-
Walmart
-
Tesla
-
-
Boeing
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
The
Consumer Price Index (CPI)
is one of the main ways economists track
inflation
. Inflation is the rate at which things get more expensive. The CPI looks at a set basket of stuff your average consumer spends money on and tracks how much it costs each month. The rate of change is inflation. Prices rarely go down. It's normal for things to get more expensive. You'll never be able to buy a Coke for a quarter again, but that's ok. Low inflation (~1-2% per year) is standard. High inflation, like we're seeing now with prices of essential goods going up nearly 8-10% per year, is a problem. It's unmanageable. Policymakers are looking to slow economic activity and cool spending, so prices stop rising so quickly.
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