Online prices soared to record highs in November, according to Adobe Analytics.
Prices online surged 3.5% on a year-over-year basis as of November, the biggest increase since 2014, when Adobe started tracking the cost of goods on the internet and the 18th consecutive year of online inflation, according to the Adobe Digital Price Index (DPI). Prices on a month-to-month basis dropped 2% due to holiday discounts, according to Adobe.
“Census Bureau data shows that the e-commerce share of non-fuel retail spending has tripled over the last decade as more expenditures like groceries and home improvement move online,” Marshall Reinsdorf, former senior economist at International Monetary Fund, said in the report.
On Thursday, two of the biggest tech companies in the world posted earnings that fell below market expectations, attributed to the ongoing supply chain crisis that is paralyzing the American economy, according to CNN.
For the third quarter of 2021, Amazon’s net sales amounted to around $110.8 billion, which was a 15 percent increase from the previous year; however, this ultimately fell below market analyst predictions of about $111.6 billion. Amazon’s overall net income for the same period decreased from the same period in 2020 to about $3.2 billion, when predictions estimated around $4.6 billion.
Apple’s sales during the same quarter were $83.4 billion, with iPhone sales at $38.9 billion; both were lower than original projections.
A trade association representing all of the major cargo companies in the United States is warning that if Joe Biden actively purses more vaccine mandates, it could further disrupt an already-weakened supply chain, according to Politico.
Stephen Alterman, president of the Cargo Airline Association (CAA) sent a letter to the Biden Administration expressing concern over an upcoming December 8th deadline.
“We have significant concerns with the employer mandates announced on September 9th, 2021,” Alterman said, “and the ability of industry members to implement the required employee vaccinations by December 8th, 2021.”
Dr. Anthony Fauci came under fire this weekend for suggesting that he may ultimately advise against group gatherings for Christmas this year.
Fauci said Sunday on CBS’s “Face The Nation” that it remains “too soon to tell” whether Americans for a second year in a rowwill be told not to gather in groups around the holidays.
“We have to concentrate on continuing to get those numbers down and not try to jump ahead by weeks or months and say what we’re going to do at a particular time,” he said.
Backlash against the White House’s chief medical adviser was swift as many right-leaning commentators and pundits said that enough will never be enough for Fauci when it comes to lockdowns and extreme precautions against COVID-19.
During a school year disrupted by pandemic-related closures, students across the U.S. will soon be absent for a scheduled reason: the annual Christmas break.
In New York City, the U.S.‘s largest school district, children will be off from Dec. 24 to Jan. 1. Officially called “winter” recess, the December hiatus coincides with Christian celebrations, adding to the number of approved days that many students take off from school on religious holidays, including Eid al-Fitr and Yom Kippur.
If there is one thing that can make the dismal science even less appealing, it would be an economist telling the nation that holiday gift-giving generates unacceptable deadweight loss. Bah, humbug.