The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the staff of the Ridgewood blog
Ridgewood NJ, the Producer Price Index for final demand increased 0.8 percent in November, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices moved up 0.6 percent in each of the 3 prior months. (See table A.) On an unadjusted basis, the final demand index rose 9.6 percent for the 12 months ended in November, the largest advance since 12-month data were first calculated in November 2010.
photo Secretary of the Treasury Janet Yellen
the staff of the Ridgewood blog
Ridgewood NJ, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in November on a seasonally adjusted basis after rising 0.9 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.8 percent before seasonal adjustment.
Continue reading Inflation Soars 6.8% , Fastest Rate Since 1982
the staff of the Ridgewood blog
Ridgewood NJ, every poll is now asking lots of questions about inflation. The results for the Biden White House are devastating.
Continue reading 77 Percent of Americans say Inflation is Affecting their Lives
photo by Boyd Loving
the staff of the Ridgewood blog
Washington DC, the White House announced the release of 50 million barrels from the Strategic Petroleum Reserve (SPR) Tuesday morning. The announcement was made in concert with South Korea, China, Japan, India and the U.K., all of which will also release oil from their own strategic reserves. The oil market, however, had largely priced in SPR releases, as last week’s slide in prices showed. Analysts also point out that one-off sales from strategic reserves cannot do much to move oil prices significantly lower.
Continue reading U.S. to Release Oil from Strategic Petroleum Reserve (SPR)
NJ Tax Bracket Creep
the staff of the Ridgewood blog
Ridgewood NJ, last week’s federal Producer Price Index report showed that prices for basic goods across the country surged at a rate unseen in 31 years.
As Jared Walczak of the Tax Foundation noted in an analysis, “Inflation is often called a hidden tax, but in many states it yields a far more literal tax increase as tax brackets fail to adjust for changes in consumer purchasing power.”
Continue reading NEW JERSEY’S STEALTH INCOME TAX HIKE : INFLATION
the staff of the Ridgewood blog
Ridgewood NJ, one way to measure inflation is the difference between nominal and real GDP. Using that metric, inflation has been rising at an alarming pace, accounting for more and more of nominal GDP. Three quarters of the apparent gains from July through September were just inflation, not real growth, which is why the real GDP figure came in at only 2.0%.
the staff of the Ridgewood blog
Ridgewood NJ, after Wednesday’s inflation news (6.2% increase over last year) former Clinton and Obama economist Larry Summers, took to CNN to say the Biden White House has been “behind the curve” at every point on prices:
Continue reading Clinton and Obama Economist Larry Summers, says the Biden White House has been “behind the curve” on Inflation
the staff of the Ridgewood blog
Washington DC, the Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
Continue reading Better Late Than Never : Fed to Start “Tapering” Bond Purchases this Month
the staff of the Ridgewood blog
Ridgewood NJ, the American Farm Bureau says the average cost of preparing Thanksgiving dinner next month will crack the $50 barrier.
Continue reading 2021 Thanksgiving Dinner Could be the Most Expensive in History
the staff of the Ridgewood blog
Ridgewood NJ, this week’s report on earnings and inflation from the Bureau of Labor Statistics Usual Weekly Earnings Summary (bls.gov) contains more bad news for workers:
Continue reading Raising Inflation Is Shrinking Take-Home Pay
the staff of the Ridgewood blog
Ridgewood NJ, politicians seem dead set on driving the economy back to the 1970’s , the latest GDP Now estimates for the 3rd quarter , July through sept of 2021, show growth slowing to a snail’s pace of 0.2%. That’s barely treading water and quick slowdown from the 6% growth of the economy that Biden inherited from Trump.
Continue reading High Inflation Plus Slow Growth is a Recipe for Stagflation
By Charles Stampul
It takes about a decade for inflation to reach its apex. In August of 1971 President Nixon closed the gold window, putting an end to Bretton Woods agreement. CPI and interest rates peaked ten years later.
the staff of the Ridgewood blog
Ridgewood NJ, according to the US Bureau of Labor Statistics , the Producer Price Index for final demand increased 0.5 percent in September, seasonally adjusted. Final demand prices moved up 0.7 percent in August and 1.0 percent in July. (See table A.) On an unadjusted basis, the final demand index rose 8.6 percent for the 12 months ended in September, the largest advance since 12-month data were first calculated in November 2010.
the staff of the Ridgewood blog
Ridgewood NJ, the whispers from the White House and the Federal Reserve Board that inflation is “transitory” have become less and less persuasive with each passing day. The new CPI numbers show 5.4% year over year inflation and the September number on an annualized basis is above 6%. Recall from last week that the commodities index is at a five year high and is up than 50% over a year ago. Here are three additional charts from our friend and financial wizard Scott Grannis that we thought were eye-popping. You can make up your own mind if you think inflation is a problem.
Continue reading White House and the Federal Reserve Board ; See, Hear and Speak No Inflation
the staff of the Ridgewood blog
Ridgewood NJ, the consumer inflation numbers came out showed the biggest advance in prices since 1991. Many economists think inflation is probably higher when you take into account the rise in home prices.
