The average hourly earnings for a worker employed in the retail industry, which have risen steadily through the pandemic, increased 4.4% year-over-year to $22.12 in August 2021.
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Following its September meeting, the FOMC said that tapering “may soon be warranted.” Additionally, the Fed’s “dot plot” now shows nine members looking for a rate hike before the end of 2022—an even spit—up from seven when the FOMC last met in June.
Inflationary pressures remain present both domestically and around the globe, with core CPI, core PPI and the OECD measure of global PPI remaining well above the Fed’s 2% inflation target.
According to proprietary Deutsche Bank attendance tracker data for Disney’s parks, attendance continues to lag pre-pandemic levels and declined in recent weeks as the spread of Delta rises.
Deposits at U.S. banks increased $228 billion (1.3%) in the second quarter, according to data from S&P Global. Seasonally adjusted deposit growth accelerated from 12.6% last quarter to 13.4%, according to data from the Federal Reserve.
Continued supply-chain constraints have driven shipping costs to record highs. The average price to ship a 40-foot container from China to the East Coast of the U.S., for instance, has increased 410% year-over-year.
While nonfarm employment increased 943,000 in July, pushing the unemployment rate down to 5.4%, small businesses continue to report struggling to find qualified workers to fill vacancies.
Despite the recovery in consumer demand and business investment, labor force participation remains depressed.
Non-employer firms—those without full-time or part-time employees on payroll—that sought Paycheck Protection Program funding most frequently did so from large or small banks over online lenders, credit unions, or nonbank finance companies, according to findings from the Federal Reserve’s Small Business Credit Survey’s non-employer report released earlier this week.
Half or more of banks surveyed plan to use the SOFR daily, SOFR term structure, SOFR arrears compounding, and/or BSBY reference rates to replace Libor.