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Twin Tiers Living

"It's The Economy, Stupid" U.S. Economy Megathread

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I totally get that for the hedge trimmer being 50% more.

However, local hardware stores (and mechanics) are places that I’m willing to pay more if I can. If paying a little more helps ensure they're still in business when I need their expertise, it's a good investment. 

I’ll hit Lowe’s or Home Depot for a large ticket item that local places don’t carry. But for small tools, parts, fasteners, or small lumber quantities....I visit Do-It, Watkins Supply or Watkins Lumber.

Because I can walk in to those places with an “example” of what I have or some laymen's idea of what I want......and they will figure out what I need (and faster than I could find it in a Big Box store). And offer helpful advice, to boot.

I’ve had too many aggravating encounters with kids at Big Boxes asking if they can help me “find” something....and basically just poking through the drawers trying to see a match.

Thanks for your time, Dude....but I could randomly hunt around all by myself. 

When my kid worked at Walmart automotive, I habitually took my cars there for oil changes.  It worked out well that she and I could grab lunch while the car was in....and also cheaper. When she questioned me one time about getting a new battery at a local repair shop instead of WM, I told her because I want that local shop to still be there when I need an inspection or brake job, etc. And it was worth it to me to give them my business to keep them in business.

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Oh I agree, and try to do the same as much as possible. But a lot of people won’t or can’t.

And seriously, when the difference is $15 just a mile or two away, it’s harder to justify for about anyone, especially when out making several purchases in a trip.

( Though to be honest, I’m also biased. I kinda think of Valu Center as a “small business” too, if only because they out the effort into providing that personal service and shopping experience. )

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Many charities in the U.S. report feeling doubly squeezed by inflation. It's not only driving up their own expenses but also sapping contributions, as would-be donors look for ways to cut costs.

Charitable giving fell sharply in 2022, when inflation hit a four-decade high. It bounced back slightly last year but remains well below the record levels of 2021, according to a new report from the Giving USA Foundation. 

"When people actually have less money, or they're more nervous about the money they have and the direction things are going, things like giving might fall second to buying gas and getting a loaf of bread," says foundation chair Josh Birkholz.

 

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2 hours ago, Twin Tiers Living said:

Also hard to donate to some of these charities when the heads of said charities are living large.

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Last month, for the first time in four years, prices on everyday goods and services actually fell. In other words, this June was the first time since the pandemic started that we paid less for stuff compared with the previous month.

The surprise price decline is seismic news, at least among econ wonks and a narrow strata of reporters who follow this stuff with the fervor of a tween Swiftie.

“Inflation is dead, and jobs are alive,” labor economist Aaron Sojourner tells me. “We have a very good chance right now of sticking the soft landing.”

 

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I'm not saying this isn't encouraging....but the article (more like an editorial) above is missing context....it doesn't specify that this "seismic news" refers to a 0.1% drop from May to June.

So instead of 20% more than 2020 prices, we're looking at prices that are now 19.9% more than 2020. 

 

And apparently these economists celebrating that "inflation is dead" didn't get the memo from the other economists that were issuing dire warnings a couple months ago that lower prices would be VERY BAD for the economy!!!

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Many Americans regularly worry they won’t be able to make ends meet.

Nearly four in ten (39%) of US adults say they worry most or all of the time that their family’s income won’t be enough to meet expenses, according to a new CNN poll. That’s up from 28% who expressed those concerns in December 2021, and it’s similar to the numbers seen during the Great Recession (37%).

To cope, significant shares of Americans said they are adding side jobs, cutting down on driving and putting more expenses on credit cards.

 

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NEW YORK (AP) — Nearly everything on Wall Street is tumbling Monday as fear about a slowing U.S. economy worsens and sets off another sell-off for financial markets around the world.

The S&P 500 was down by 2.4% in afternoon trading. The Dow Jones Industrial Average was reeling by 864 points, or 2.2%, as of 1:25 p.m. Eastern time, and the Nasdaq composite slid 2.8%.

The drops were just the latest in a global sell-off that began last week. Japan’s Nikkei 225 helped start Monday by plunging 12.4% for its worst day since the Black Monday crash of 1987.

 

Read more here.

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I was watching and waiting for the fire sale that never came. Any stocks I'm interested in are still out of our price range. Well, at least if you want more than 10 shares lol.

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WashingtonCNN —  US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month. It’s a big step in the right direction for America’s notoriously unaffordable housing market.

The standard 30-year fixed-rate mortgage averaged 6.47% this week, mortgage financing giant Freddie Mac said Thursday. That’s down substantially from last week’s average of 6.73% and marks the lowest level since May 2023. This week’s drop was the biggest since late December.

Mortgage rates have steadily fallen over the past several weeks since reaching a 2024 peak of 7.22% in early May. Rates are down from a two-decade high seen late last year.

 

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New YorkCNN — Home Depot says consumers are feeling crummy about the economy, and they’re dishing out less on major home renovation projects.

The home improvement giant, a bellwether of consumer spending and the housing market, lowered its sales expectations for the year. It said customers were spending less on home improvement projects, pressured by higher interest rates and concerns that the economy is getting worse.

Home Depot’s business is closely tied to the housing market, and high interest rates are putting a brake on housing turnover and consumers financing larger projects.

“During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects,” Ted Decker, Home Depot’s CEO, said in a news release.

 

Read the rest here. 

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CNN —  America’s top central banker has unambiguously signaled that lower interest rates are finally on the horizon, marking a crucial milestone for the Federal Reserve’s historic — and, so far, successful — inflation fight.

“The time has come for policy to adjust,” Fed Chair Jerome Powell said in prepared remarks for his keynote speech at an annual gathering of central bankers and economists in Jackson Hole, Wyoming. “We will do everything we can to support a strong labor market as we make further progress toward price stability.”

 

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Stocks gained Friday morning as investors parsed the eye-popping figures in the latest jobs report.

The Dow rose 243 points, or 0.6%. The S&P 500 gained 0.8% and the Nasdaq Composite added 1.2%.

The US economy added a staggering 254,000 jobs in September, blowing past economists’ expectations of 140,000 job gains. The unemployment rate ticked lower to 4.1%, below projections it would remain steady at 4.2%.

 

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CNN — The annual rate of inflation moved higher last month for the first time since March, as expected — but economists say the underlying trend remains favorable for another round of interest rate cuts.

Consumer prices rose 0.2% last month and were up 2.6% from the year before, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.

Housing-related inflation accounted for half of the monthly rise, and energy prices were flat after dragging down the overall index for four of the past six months. The Consumer Price Index measures price changes across commonly purchased goods and services.

 

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"Inflation is easing," my ass. Here's what I noticed while getting groceries yesterday:

We use egg noodles a lot so I keep a good supply of them. They're typically $2.69 a bag ( brand name, the store brand are garbage ). That's already increased in the past couple years. 

Yesterday I saw them 2/$5. So I grabbed a couple thinking, "That's about a .40 savings, and we'll use them." For what it's worth, I do a LOT of BOGO, or discounted price shopping to save a little when we can. 

Then I noticed the regular price. They're now $3.00 a bag. 

So yeah, once again the stores start you out with a "sale" only to ease you into the new, higher price. It's a goddamned shell game. 

 

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33 minutes ago, Chris said:

"Inflation is easing," my ass. Here's what I noticed while getting groceries yesterday:

We use egg noodles a lot so I keep a good supply of them. They're typically $2.69 a bag ( brand name, the store brand are garbage ). That's already increased in the past couple years. 

Yesterday I saw them 2/$5. So I grabbed a couple thinking, "That's about a .40 savings, and we'll use them." For what it's worth, I do a LOT of BOGO, or discounted price shopping to save a little when we can. 

Then I noticed the regular price. They're now $3.00 a bag. 

So yeah, once again the stores start you out with a "sale" only to ease you into the new, higher price. It's a goddamned shell game. 

 

Your Aunt would say it’s corporate greed.

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2 hours ago, Ann said:

Your Aunt would say it’s corporate greed.

to an extent, shes not wrong though id double down and say its politician's greed, since it's the lobbyists that have their ear/pockets

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CNN — US wholesale inflation shot higher last month, an unwelcome sign that some prices could be heating up before they come down the pike to consumers.

The Producer Price Index, a measurement of average price changes seen by producers and manufacturers, rose 0.4% on a monthly basis and 3% for the 12 months ended in November, marking an acceleration from October, when prices increased 0.3% and 2.6%, respectively, according to Bureau of Labor Statistics data released Thursday.

October’s monthly and annual rates were both revised higher from their initial estimates.

Still, as of November, PPI is at the highest annual rate since February 2023, BLS data shows.

 

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WASHINGTON, Dec 18 (Reuters) - The U.S. central bank cut interest rates on Wednesday, as expected, but Federal Reserve Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, remarks that showed policymakers are starting to reckon with the prospects for sweeping economic changes under a Trump administration.

Powell's explicit - and repeated - references to the need for caution from here on jolted Wall Street, sending stocks sharply lower, bond yields higher and leading investors to dial back estimates of how far borrowing costs are likely to fall over the coming year.

 

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interesting the 180 outlook from just before election time huh?

 

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