Ton of economic news today.
Producer Price Increase (PPI) - basically inflation up river further at the supplier point in the chain is up 7.3% year over year. Furthermore, its getting worse, with June over May 1% (13% on an annualized basis) after May over April being 0.8%.
U.S. producer prices accelerated in June, leading to the largest annual increase in more than 10-1/2 years, suggesting inflation could remain high as robust demand fueled by the economy's recovery from the COVID-19 pandemic strains the supply chain. Underlying producer prices rose at a moderate...
finance.yahoo.com
Polling of unemployed for why they are turning down jobs shows that approximately 2 million people have turned down jobs because (in their words) they can make more money by getting paid to not work.
U.S. businesses have been wrestling with labor supply shortages.
www.axios.com
Federal tax revenue through the first 9 fiscal months of the year is now at a huge all time record of over $3 Trillion, growing a whopping 35% year over year. Unfortunately, we as usual can't control our spending and spent a whopping $5.3 Trillion during the same time period
. That massive $2.2 Trillion deficit is especially incredible when you consider its only for 9 months and the pandemic has been all but over for most of the country during this time (fiscal year starts October 1st).
The Treasury Department said revenue rose 35%, to $3.1 trillion, from October through June compared with a year earlier.
www.wsj.com
This tax revenue data further bolsters the argument that its not the reopening that has led to such high inflation, but rather how much money we've injected into the economy. 35% growth on tax revenue says it all right there. People and companies are absolutely flush with money.