According to the British Retail Consortium, non-food retail prices actually fell last month driven by discounting.
So, we are seeing the very real impact of the squeeze on household financing driven by BoE policy.
While food prices seem unlikely to drop for climate & supply reasons, across non-food markets its the potential start of a period of deflation... an 'overshoot' by the BoE that will be hidden in 'headline' inflation but will still be a serious economic problem.
#Restaurants bloggers live in a bubble, it shows particularly in this #stagflation (#recession + #inflation), where they keep saying things like, "Not only are the ambience & food great, it doesn't wreck your wallet either: you can get a meal for two at merely 49$ per person!" (+15% tip, +15% tax) 🤌
…while I make myself fairly high-quality (and definitely healthier) meals for 5$ worth of ingredients.
Sure, I lose 200$ worth of my time doing so, but hey, I've always been terrible at math 😉
@indivisibleteam
For me, it was GW Bush crashing the economy (pre-Iraq) just as I got out of college.
It was Clinton's final year as president and the tech industry was booming.
Then Bush & Cheney started talking down the economy just to get elected ("[The economy] is not as good as they say it is!") and talked us into a #Recession.
By the end of the year (in time for the election), the economy had already begun to sour, and just three months into Dubya's presidency, I was out of a job.
I don't like to get ahead of myself on #economic predictions but the #waves tell me the #UnitedStates is in the beginning of a multi-year #super#cycle that could extend to a decade with the correct policy positions and a bit of luck.
Circumstances change but the US economy continues to defy the petulance from the #recession world. #investing
During the historic gathering of 3 #UnitedStates presidents last night, pro- #Palestinian protesters interrupted the event. Again, instead of ignoring their protestations, the presidents addressed the concerns.
All 3 men remarked on the #Israel#Hamas#war in #Gaza, reflecting on the difficulty of trying to solve intractable challenges such as #MiddleEast#peace as #POTUS. #Biden said there have been “too many innocent victims, Israeli & Palestinian,” in the conflict.
American economic pessimism has been bafflingly persistent despite major indicators showing that the economy is actually strong. Unemployment is low, #inflation is significantly down, #wages are up, the stock #market is hitting new all-time highs, & it looks like TheFed might keep the US out of a #recession.
What are the real problems of the German economy? | DW News
Leading German economic institutes have revised the country's growth this year down to near stagnation.
They now expect the German economy to increase by just 0.1 percent in 2024, slashing their previous forecast of more than 1 percent. High interest rates, weak global demand and political uncertainty have disappointed hopes for a stronger recovery.
This is literal doom, but I actually find it mildly encouraging that our security and government services are being told the truth about the current state of the nation, society, and world. This is the kind of report that every single politician needs to not only read but reallyunderstand.
Quotes below:
"The situation will probably deteriorate further in the next five years, as the early effects of climate change and a global recession add their weight to the ongoing crises"
"accelerate the decline in living standards that the younger generations have already witnessed compared to earlier generations"
"the difference between the extremes of wealth is greater now in developed countries than it has been at any time in several generations"
"Law enforcement should expect continuing social and political polarization fueled by misinformation campaigns and an increasing mistrust for all democratic institutions"
"Access to [big data] will allow private entities to develop the means to exercise undue influence over individuals and populations at an unprecedented level"
"In the wake of COVID-19, Canada's governments have normalized operating during a respiratory pandemic... the damage to the economy and to the social fabric of the nation is ongoing"
"What are you delivering Mr Sunak, dead flowers? Off milk? An aborted fetus? What you're delivering, Mr Sunak, is profit. Whilst 7 million households choose to go without heating, British Gas sees a 10-fold leap in profits, from 72 million to 751 million. 751 million pounds! Which is just a tiny bit more than the PM and his wife's net worth."
Here's the BBC Verify team's take on Rachel Reeves assertion that this is the worst economic inheritance faced by an incoming govt. sine WW2.
The (downbeat) conclusion is that things are bad but not historically unprecedented....
Oh that's a relief.....
But perhaps the point the BBC team quietly ignore is how much of the situation we find ourselves in right now was self-inflicted, rather than part of a wider global context....
Lives vs. Livelihoods: The Impact of the Great Recession on Mortality and Welfare
... We leverage spatial variation in the severity of the Great #Recession across the United States to examine impact on mortality and explore implications for the health consequences of recessions... an increase in the #unemployment rate ... reduces average, annual age-adjusted mortality rate by 2.3 percent, with effects persisting for at least 10 years...