Beer contributes $409 billion to US economy, research finds
The Beer Serves America report, released by the Beer Institute and the National Beer Wholesalers Association (NBWA) today, revealed the major contributionthatthebrewingindustrycontinuesto have on the US economy, particularly following the Covid-induced challenges which plagued the industryin previousyears.
The biennial study found that the US beer industry now supports nearly 2.4 million local jobs and contributes more than $409 billion to the US economy–equivalentto1.6%ofGDP.
Beerisalso vitaltoassistingwith employmentrates in the country, with the industry paying for more than$132 billioninwages and$63.8billionintaxes. Jobs filled by the country’s workers include 92,159 brewer and beer importers, 77,847 manufacturing positions, 137,420 distribution jobs, 52,220 agriculturaljobsand979,805retailjobs.
Both the economic impact and the number of jobs in the beer industry have seen an impact since the last Beer Serves America report published in 2020, which provided a snapshot of the significant pandemicchallengesfacingthehospitalityindustry andmanufacturers.
Souce:
https://www.thedrinksbusiness.com/2023/05/beer-contributes-409-billion-to-useconomy-research-finds/
America’s home improvement boom appears to be over
Americans turned into DIY fanatics during the pandemic, beautifying their apartments, homes andcondoswhiletheywerestuckinsideandtired oflookingatthesamedrabinterior everyday.
But the Covid emergency is over, prices are (much)higher,consumersaregrowingfearfulofa recession and people are spending less at Lowe’s andHomeDepot.
Lowe’s on Tuesday lowered its profit and sales outlook for the year, saying consumers were spendinglessonhome improvement.
Sales at stores open at least a year fell 4.3% in the past quarter. Lumber prices have fallen through the floor as supply and demand have finally rebalancedafteryearsofsupplychainconstraints.
But discretionary purchases at retailers all over America are saying the same thing in unison: Consumers aren’t spending on stuff they don’t needanymore. Target, WalmartandHome Depot noted that discretionary purchases are down across the board. People are spending more on groceries and other essentials and less on clothes andgutters.
American summer travel is looking a lot like 2019
The number of people going through U.S. airports hit pandemic-era highs last weekend, and those records are almost certain to be broken over the MemorialDayholiday.
AAA predicts that 37 million Americans will drive at least 50 miles (80 kilometers) from home this weekend, an increase of more than 2 million from MemorialDaylastyearbutstillbelowpre-pandemic numbers in 2019. The Transportation Security Administrationexpectstoscreen10milliontravelers betweenFridayandMonday,a14%increaseoverthe holiday in2022andslightlymorethanin 2019.
Withmoretravelcomesmoreexpense.Theaverage rateforaU.S.hotelroomlastweekwas$157anight, up from $150 in the same week last year, according to hotel data provider STR. And the average daily rateforothershort-termrentalssuchasAirbnband Vrbo rose to $316 last month, up 1.4% from a year ago,accordingtoAirDNA,whichtrackstheindustry.
Airlineshavehiredabout30,000workerssincethen, including thousands of pilots, and they are using bigger planes to reduce flights but not the number ofseats.
Souce:
https://fortune.com/2023/05/25/how-bad-summer-travel-vacation-american-touristlike-2019-airlines/
More Americans apply for jobless benefits but labor market remains tight
U.S.applicationsforjoblessclaimsroseslightlylast weekbutremainathealthylevelswithcompanies reticent to let go of employees in a tight labor market.
The number of Americans filing for jobless claims for the week ending May 20 rose by 4,000 to 229,000 from 225,000 the week before, the Labor Department reported Thursday. The previous week's number was revised down by a significant 17,000.
The weekly claims numbers are broadly as representativeofthenumberofU.S.layoffs.
The four-week moving average of claims, which evens out some of the week-to-week gyrations, was unchanged at 231,750 after the previous week's number was revised down by 12,500. Analysts have pointed to a sustained increase in the four-week averages as a sign that layoffs are accelerating, but are reluctant to predict that a spikeinlayoffsisimminent.
In April, U.S. employers added a healthy 253,000 jobsandtheunemployment ratedippedto3.4%.
US consumer spending beats expectations in April; inflation picks up
U.S.consumerspendingincreasedmorethanexpectedinApril,boostingtheeconomy'sgrowthprospects forthesecondquarter,andinflationpickedup,whichcouldseetheFederalReservekeepinginterestrates higherforsometime.
Consumer spending jumped 0.8% last month, the Commerce Department said on Friday. Data for March was revised up to show spending gaining 0.1% instead of being unchanged as previously reported. Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds ofU.S.economic activity,rising0.4%.
Last month's surge in consumer spending tempered economists' expectations for a sharp slowdown this quarter. Though consumer spending accelerated at its fastest pace in nearly two years in the first quarter, much of the growth was concentrated in January. Weakness in February and March set consumer spendingonalowergrowthtrajectoryheadingintothesecondquarter.
Consumer spending is being supported by strong wage gains in a tight labor market. It added to labor market resilience, a rebound in factory production and pickup in business activity in suggesting that the economywasregaining speedaftergrowingat a1.3%annualizedratein thefirstquarter.
Souce:
https://www.reuters.com/markets/us/us-consumer-spending-beats-expectations-april-inflation-picks-up-2023-05-26/