by Daniel Stefanski | Nov 20, 2023 | Economy, News
By Daniel Stefanski |
The state of the United States economy continues to concern experts and Americans alike.
Earlier this week, the latest Consumer Price Index (CPI) from the Bureau of Labor Statistics noted that the American economy had experienced a 3.2% increase in inflation over the past year.
EJ Antoni, a public finance economist for the Heritage Foundation, reacted to the revelation, saying, “October was the fourth consecutive month of inflation outpacing monthly earnings growth. For 27 of the last 31 months, prices have risen faster than annual earnings. This decline in real earnings coupled with elevated borrowing costs from today’s higher interest rates have cost a typical American family the equivalent of about $7,400 in annual income under the Biden administration.”
A recent poll from Global Strategy Group, which was conducted for the Financial Times and the University of Michigan’s Ross School of Business, showed that 61% of respondents disapproved of the way Biden was handling the economy, while 55% believed that they are worse off since the start of his presidency. The largest concern of the group appeared to be with price increases to food (74%), and 75% believed that rising prices would pose the most significant threat to the American economy over the next six months.
The White House broadcasted a different perspective to the most recent report from the Bureau, stating that the numbers show “more progress bringing inflation down, with annual inflation now down by 65% from the peak.”
President Biden added, “Inflation has come down while the unemployment rate has been below 4% for 21 months in a row—the longest stretch in more than 50 years—while wages, wealth, and the share of working-age Americans with jobs are all higher now than before the pandemic.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Nov 18, 2023 | Economy, News
By Daniel Stefanski |
Americans are still paying a lot of money for their Thanksgiving meals this year.
This week, the American Farm Bureau released its report on the annual cost of Thanksgiving dinners. The numbers showed that the average cost in 2023 was $61.17, which was down slightly from 2022’s value of $64.05 – yet significantly higher than 2021 ($53.31) and also 25% more than 2019.
American Farm Bureau Federation President Zippy Duvall said, “While shoppers will see a slight improvement in the cost of a Thanksgiving dinner, high inflation continues to hammer families across the country, including the nation’s farmers. Growing the food families rely on is a constant challenge for farmers because of high fuel, seed, fertilizer and transportation costs, just to name a few.”
Duvall added, “While high food prices are a concern for every family, America still has one of the most affordable food supplies in the world. We’ve accomplished that, in part, due to strong farm bill programs. Although our focus is sharing time with family and friends this Thanksgiving, our thoughts also turn to encouraging Congress to double down on a commitment to passing a new farm bill with a modernized safety net to support those who raise the crops and livestock that supply Thanksgiving dinner and every dinner.”
The items comprising the makeup of this Thanksgiving dinner were turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, and a pumpkin pie with whipped cream.
According to the Bureau, the average prices of 16-pound turkeys fell 5.6% year-over-year to $27.35. A pack of one dozen dinner rolls was up 2.9% from 2022 to $3.84, and the cost of a 30-ounce can of pumpkin pie mix had increased 3.7% to $4.44.
The Bureau also expanded the menu for another cost estimate, adding boneless ham, Russet potatoes, and frozen green beans. This menu experienced a $23.58 price increase from the standard fare to top out at $84.75.
Where Americans live in the country also affects the prices they will pay for their Thanksgiving meal. Those in the western part of the nation experience above-average costs at $63.89 for the standard meal, while the expanded offering comes in at $87.75.
Prices for this survey were computed November 1-6, and were gathered from each state plus Puerto Rico.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Nov 2, 2023 | Economy, News
By Daniel Stefanski |
Arizona Legislators have an opportunity this week to meet and greet with a Canadian delegation.
On Monday, Arizona State Representative David Cook announced that the Delegate General of Québec in Los Angeles, Mr. David Brulotte, would be visiting Arizona on Wednesday. Cook, the Chairman of the Arizona House International Trade Committee, also revealed there would be other Canadian business leaders and organizations comprising the delegation to the state.
According to the lawmaker’s release, “the visit from the Canadian delegation is the result of the successful recent Trade and Foreign Direct Investment Mission to Canada, demonstrating a commitment to fostering strong economic ties between Arizona and Canada.”
“We are honored to welcome Delegate General David Brulotte to Arizona,” said Chairman Cook. “This visit marks a pivotal moment in our ongoing efforts to strengthen the economic relationship between our state and Canada. We look forward to productive discussions and collaborative initiatives that will benefit both regions. The Arizona House Committee on International Trade remains dedicated to fostering an environment that encourages trade, investment, and international collaboration, and looks forward to continued progress in strengthening these ties.”
The Vice Chairman of the Committee, Representative Justin Wilmeth also weighed in on the forthcoming visit, saying, “The Arizona House Committee on International Trade is committed to facilitating trade and financial investment opportunities. We believe that this meeting with Mr. Brulotte is an important step in achieving our shared goals of increased cooperation and economic growth. We are excited to work together to build a brighter future for both Arizona and Québec.”
Earlier this year, Cook led a delegation of Arizona House members on a trade mission to Canada, with the goal of “strengthening the longstanding ties between Arizona and Canada, further enhancing economic collaboration, and paving the way for increased foreign direct investment (FDI).” The legislative members who were announced to be attending this trip were International Trade Committee Chairman David Cook (R-7), Vice Chairman Justin Wilmeth (R-2), and committee members Tim Dunn (R-25), Melody Hernandez (D-8), and Mariana Sandoval (D-23). Representative Michael Carbone (R-25) was also expected to join the delegation.
The objectives for September’s Canadian trip included “engaging with the US Embassy in Ottawa for a comprehensive trade brief and fostering discussions with economic development organizations from the provinces of Ontario and Quebec, and with the Ontario Legislature and economic leaders to explore trade and investment prospects.”
In April 2023, the bipartisan House International Trade Committee unanimously adopted a plan “for conducting international trade” – a notable feat, considering the partisan nature of many efforts at the Legislature during the 2023 session. The Committee shared that its objectives were “to strengthen bilateral ties with existing international partners, attract more foreign direct investment to a booming Arizona and extend Arizona’s international reach for enhanced captured value to sustain a robust growing economy.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Nov 1, 2023 | Economy, News
By Daniel Stefanski |
A local team’s unexpected run to the pinnacle of the baseball world has given its city an economic boon.
The Arizona Diamondbacks weren’t expected to go too far during the 2023 Major League Baseball postseason, but the team has proven its doubters and detractors very wrong over the past few weeks, reaching the World Series for the first time since 2001. This journey through October provides an infusion of tens of millions of dollars to the City of Phoenix and the State of Arizona, giving the local economy millions of extra reasons to cheer on their team.
Glenn Farley, the Arizona Director of Policy & Research for the Common Institute, published a piece about the expected economic impact for the region based on the hometown team’s surge through the playoffs. He wrote that “because the events are unplanned and non-competitive, the typical costs associated with attracting and hosting a major event are largely missing during a World Series, and successful hosting depends on a cities natural economic base and infrastructure rather than disposable infrastructure developed specifically for the event.”
Farley pointed out that the State of Arizona’s sports and tourism sector “employs 167,000 people,” and that “those tourism and hospitality workers were already on hand to support visitors and consumers for the unexpected World Series windfall.”
The economic benefits of the World Series in Arizona follow a busier-than-normal year for the Valley’s national sports scene. Researchers from Arizona State University found that the January Fiesta Bowl for college football garnered $170 million, the February Phoenix Open for golf another $277 million, and the February Super Bowl for the NFL topped out at $1.3 billion. The first full Cactus League Spring Training season since 2019 also brought hundreds of millions of dollars to Arizona towns and cities. In addition, Arizona hosted an early round of the World Baseball Classic back in March.
Researchers also have shared that the two cities that hosted the World Series in 2022 earned $68 million and $78 million, respectively, from economic spending attached with their team’s individual trips to the Fall Classic.
In his post, Farley added, “The state’s impending successful hosting of a World Series, following a Super Bowl and during an ongoing recovery for the state’s conventions and tourism, is another opportunity to celebrate its success in cultivating a robust and diverse local economy – including young and healthy infrastructure, a large and perennial tourism industry, and an innovative approach to taxes and regulations that supports business development.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Oct 30, 2023 | Economy, News
By Daniel Stefanski |
Americans are spending lots of their money on Halloween festivities in 2023.
A recent study by the National Retail Federation (NRF) showed that there is likely to be $12.2 billion spent on Halloween this year in the United States. This number is an increase from last year’s figure of $10.6 billion.
Halloween spending has recovered from its decline during the COVID-marred year of 2020, where $8 billion was expected to leave the wallets of consumers.
The rise in spending tracks the statistics for the total number of people celebrating on the holiday. Seventy-three percent of Americans are expected to take part in some sort of celebration for Halloween, up from sixty-nine percent in 2022.
“More Americans than ever will be reaching into their wallets and spending a record amount of money to celebrate Halloween this year,” NRF President and CEO Matthew Shay said. “Consumers will be shopping early for festive décor and other related items and retailers are prepared with the inventory to help customers and their families take part in this popular and fun tradition.”
Phil Rist, the Executive Vice President of Strategy for Prosper Insights & Analytics, also issued a statement in conjunction with the release of the survey that was conducted by his firm. Rist said, “Younger consumers are eager to begin their Halloween shopping, with more than half of those ages 25-44 planning to shop before or during September. Social media continues to grow as a source of costume inspiration for younger consumers, as more people under 25 are turning to TikTok, Pinterest and Instagram for ideas.”
The survey found that each consumer is likely to spend $108.24 this year through the October 31st holiday. Almost seventy percent (69%) of people are projected to buy costumes for Halloween, leading to $4.1 billion of spending. Americans are also likely to shell out $3.9 billion on decorations and $3.6 billion on candy in 2023.
According to the report, “consumers are looking to get an early start on their Halloween shopping” with just under fifty percent (45%) commencing their holiday shopping before the month begins, which is an increase of twelve percent from ten years ago.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Oct 20, 2023 | Economy, News
By Daniel Stefanski |
One Arizona leader is using her statewide office to support Israel at a time when that nation faces tremendous threats to its security.
Arizona State Treasurer Kimberly Yee recently announced that her office “plans to increase Israel bond holdings to support Israel during this time of crisis.” Yee’s press release shared that the State Treasurer’s Office “has been investing in Israel bonds since 2013 and currently has $15 million in holdings.”
Treasurer Yee issued a statement in conjunction with her announcement, saying, “In the wake of the distressing news of the horrific terrorist attacks in Israel, I promptly directed my investment team to contact our esteemed partners in Israel to increase our Israel bond holdings as we continue to stand firmly with Israel. The state of Arizona is a friend and ally of Israel, and it is imperative that we support them through our actions, and not just our words.”
Yee also took an opportunity to highlight the importance of her action and encourage her colleagues around the country to follow suit. She said, “Israel bonds are a secure and reliable investment option that not only contributes to the Arizona Treasury’s diversified investment portfolio, but also strengthens our support and partnership with the State of Israel. Investing in Israel bonds is something that I not only support, but also urge my fellow state financial officers to do as well, especially in this time of crisis. In this time of adversity, it is our duty to stand resolute and support Israel as a nation.”
The Treasurer’s Office noted that “Israel bonds serve as an investment option for individuals, institutions and nations worldwide to support the economic growth and stability of the State of Israel,” adding that “investments in Israeli bonds offer both reliable financial returns and contribute to Israel’s economic and strategic well-being.”
According to Yee’s office, “the Israeli government will be issuing new bonds and Arizona has been placed at the forefront of the list of institutional buyers.”
The second-term Republican Treasurer has been a staunch supporter of Israel throughout her time in public service, using her platform and her office to stand with the American ally to the full extent of her authority. During her first term, Yee led the efforts to become “the first state in the country to enforce Anti-BDS laws (Boycotts of Israel) by divesting $143 million from Unilever, the parent company of Ben & Jerry’s, in response to the company ending distribution of its products in parts of Israel.”
In 2022, Treasurer Yee also notified Morningstar Inc. that they were at risk of being placed on the Arizona Treasury’s prohibited investment list for violating Arizona law by actively boycotting the State of Israel. Yee said, “It is my duty to defend Arizona’s anti-BDS law and I will ensure that Arizona does not do business with companies that are attempting to undermine Israel’s economy.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
