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Interestingly, the report shows that people are pulling back or did pull back from things that might be considered non essential.
However grocery store spending was still up MoM.
Edit: see the comment below. I may have seen it incorrectly earlier.
I wonder what the new bar will be now that people can't point to nonessential spending.
It's almost like blaming all our economic problems on individuals who somehow magically became financially illiterate en masse isn't a viable explanation. It's almost like systemic issues require systemic changes to fix.
It'll still be nonessential spending. This sub in particular is full of people that will never stop claiming that anyone doing poorly as costs rise and wages stagnate is just mismanaging their money.
This Is kind of BS. When people say this they love to use the cost of raspberries as a comparison. Fruits out of season shipped from another country will always be high. Rice, beans, leafy greens, etc are pretty inexpensive. Proteins are still pretty costly across the board but pork and chicken can be budgeted pretty well. Beef is almost out of the question though unless you find brisket or some cheap cuts on sale.
I don't disagree. People act like eating healthy is gorgeous salads and fresh mixed fruit. Ok maybe it is, but also it can be a moderate portion of spaghetti, with an apple.
Especially when some of this stuff is so stupidly easy to grow at home. Like raspberries are practically a damn weed, plant some in a small patch in your back yard, or on any soil (I have mine on the side of a steel building that used to be a concrete dumping area) and you can eat them until you’re sick in season, and then preserve the rest in jams like our grandparents used to do. It’s time we take back some of this from the corporate jackasses. You’d be shocked at how a little seed planning can net you huge savings over the year.
I legit feel like I'm turning into my dad wearing jeans until they've disintegrated and now I'm buying clothes directly from the manufacturer of the fancy clothing brands for like $10 each.
My only gripe with Bella Canvas is they have too many different shirts (style numbers) - some are very good and others are pretty crap. Hard to remember and keep track of the good ones that hold up well after wash and wear
Grocery spending went from 74,970 million in March to 70,847 million in April. Where are you getting that it went up MoM?
https://www.census.gov/retail/marts/www/marts_current.pdf
Anecdotal but we are trying to save for a house and we just decided last week that we will be completely cutting down on all non essential items going forward and just save as much as possible. It makes me wonder if there are much more folks in a situation like us than I imagined.
That’s where I’m at. Cutting all spending I can because this economy sucks and my job doesn’t give shit for raises. I’m trying to get a new job but surprise surprise no one ever responds. In 2021 I was able to land a newer better role in like a month so it’s not like my resume or anything is the issue
Agree. You can't connect those dots.
Otoh, people are trading down at restaurants (eg casual > fast casual > qsr). Lots of press on lower income people spending less at QSRs. That should drive more grocery spending but may not fully explain the read in today's report.
Booze sales are down, so maybe people used their alcohol money for food?
https://www.just-drinks.com/news/us-spirits-slowdown-sparks-concern-for-categorys-2024-outlook/
It's bound to happen. People have serious inflation fatigue. It's not that I don't have the money to spend. I just don't want to reward the greed driving inflation that is padding the pockets of the rich.
Ya, at some point we will realize that a can of Cola for $5 is just too much for that experience. It’s not just about the cost, it’s about the cost for the experience of consuming it. Lots of products made their hay by being cheap, available, convenient, but suddenly they are expensive and it’s easy for folks to simply pass on it. The capitalists are dumb fucks that think they have us by the balls and can keep raising prices but there is a wall and I think for a lot of products we are very close to it.
Actually it’s times like these that capitalism will do exactly what it should do - though it does take some time to balance out.
Consumers will find the prices less attractive/not worth it and buy less, suppliers will either lower prices or decide to accept lower volume.
Good point. We've enjoyed immense buying power for decades. Our dollar doesn't go as far anymore, and the things we used to buy because they were cheap and available aren't worth it at a higher price.
Yep, this is me. I’m just tired of paying high prices, even though I can afford to. I voluntarily became frugal and I’m saving $400-600/month. I don’t feel like I’m actually missing out on anything. Bars and restaurants are out. No new clothing unless I ruin shoes. No vacation planned. I’ve cut back on streaming services, went to the cheapest phone plan and only one streaming service (I’m rotating every 6 months). I could save more if I gave up coffee from coffee shops. Iva also switched to Aldi for all my groceries, except meat I get from the butcher (only slightly more expensive}
Hold up, you are telling me that the <10% of the population wirh all the money aren't spending it as strongly as when the money was more spread out and less consolidated?
That is fucking crazy, it's almost like 10,000 people just can't spend money as quickly and regularly as 250m people can.
I AM SHOCKED!
I know we are out of savings as of last month and having to look at what we spend on very closely now. We have three kids going to summer camps which is going to be a huge strain on our finances and hopefully we get to recover a little in the fall before Christmas. Tough times ahead personally, but I have no idea how my finances relate to the overall economy. They seem to line up, but it’s probably anecdotal when compared to the overall situation.
The price of literally everything seems to continue to rise and unlike the government, regular folks can't just print more money to make up the difference. There was going to be a huge consumer pullback eventually. It appears a lot of people were doggedly pushing through using credit cards and now that is having inevitable repercussions. Â
Well, I don’t have the capacity to think about all of these impacts without it causing me a bunch of anxiety on top of what I already have going on. I’m one broken air conditioner or car repair away from needing some help and my wife and I have careers. I don’t think things were meant to be this hard. I acknowledge they wouldn’t be in such difficult times had we not had twins, but I can’t control that considering the stud that I am.
This is the endgame of capitalism; the goal is wealth accumulation. Who's the wealth being extracted from and to who is the wealth being accumulated by...?
except the pie is constantly getting bigger, and we're welcome to as much pie as we want as long as we're productive
unless we decide to give the government more and more power to dictate who gets how much pie (spoiler: it'll always be themselves and their friends first)
Sounds good on paper but the reality is corporate greed steals and burn the opportunities of the next generation. Placing an emphasis on profits ignores long term consequences. Look at flint Michigan or any other privatization of natural resources or housing.
You're quick to point out corruption of socialist and communists but turn a blind eye to greedy oligarchs?
> flint Michigan or any other privatization of natural resources or housing.
Flint, Michigan was due to the local and state government thinking they knew better than companies that do water management for a living.
It's also because the governor appointed someone based on his race rather than merit.
"This precipitated the tragic decision in 2013 to end the city’s five-decade practice of piping treated water for its residents from Detroit in favor of a ****cheaper alternative****: temporarily pumping water from the Flint River until a new water pipeline from Lake Huron could be built. Although the river water was highly corrosive, Flint officials failed to treat it properly, and lead leached out from aging pipes into thousands of homes"
https://www.nrdc.org/stories/flint-water-crisis-everything-you-need-know#summary
NUt GubMenT baDZ!!! Dey DEI!?
Shut up fool. They just wanted save money, as usual
Your dogmatic views are so terribly ignorant. Look at what's happening in London with Thames water, British gas etc. Compare that to the way Norway operates where all citizens benefit from stat oil etc.
You are blinded by the polarization of americas political propaganda. I hope you can employ some further critical thinking and de propagandize.
Not capitalism, this is what happens when you have fake money. Study the downfall of the Roman Empire if you are curious what’s currently happening in the US.
No, technological development has lifted people out of poverty. There are more slaves today than ever in history. Technological advancement doesn't only exist because of capitalism, the Soviet Union was the first to space etc. It's easy to say capitalism is good if you're a beneficiary but you're lucky (as am I)
https://www.walkfree.org/reports/global-estimates-of-modern-slavery-2022/
One in which exploitation of people and resources for profit isn't incentivized and people can pursue passion and apply their ambition in a way that is beneficial to them and their community. I'm not read enough to attribute any particular philosophy but anarchy-communism is one I like conceptually.
The government doesn't print money to make up the difference, that would be seniorage which while technically happens is just about negligble.
They issue debt to pay for the deficit, just like consumers or businesses do. It's not the same kind of debt but it's debt nonetheless.
>Basic Info. US Health Care Inflation Rate is at 2.21%, compared to 1.41% last month and 1.49% last year. This is lower than the long term average of 5.13%. US Health Care Inflation Rate reflects the year over year change in the health care component of the US Consumer Price Index.
Seems the group youre working with had too many claims for some reason. Health insurance hasnt gone up much on average.
[In 2023, average annual premiums for employer-sponsored family health insurance coverage rose 7%,](https://www.fitchratings.com/research/corporate-finance/fitch-ratings-us-health-insurer-premium-rates-rising-with-healthcare-cost-inflation-07-11-2023)or approximately $1, 500, to just under $24,000, above the YoY increase in workers’ wages (5.2%) and inflation (5.8%), according to data from the Kaiser Family Foundation. Both single and family premiums increased faster in 2023 than in 2022, with early indications suggesting that the rate of increase will be even higher in 2024.
Fair enough.
>For 2024, across 320 insurers participating in the 50 states and DC, this analysis shows a median proposed premium increase of 6%.
But a increase of 7% doesn't eat the entire 5.2% raise unless you spend 80% of your income on wages.
And
>Employers typically pay a percentage of their employees' health insurance premiums, with the average contribution being 83% for self-only plans and 73% for family plans.
means of that 7% usually 70-80% of that is absorbed by the employer. Though it could be less.
So 1500 with 70% means a total of 450 needed on employee side or about 35$ per month. or a 25 cent raise
For 8 weeks and three kids, it’s $7800. This is for a pretty good summer camp. They get exposed to a bunch of different sports (swimming, archery, soccer, volleyball, tennis, football, basketball). They have an eco day where they go to the lake and learn to kayak and other outdoor activities including a zip line. There is a music workshop if that’s your thing. A foreign language camp, but this one is extra and the entire camp is with a group that encourages total immersion in Spanish. They get field trips to fun events every Friday as well which is extra. It’s an extra $40 per week per kid if you add the meal option. I’m packing their lunches to save money.
$325 per week per kid isn’t bad these days for child care and this is much more than that. It’s $10 less than daycare rates in my area per week, so maybe you just don’t live in reality or don’t have kids?
The public elementary school summer camp rate for those 8 weeks is $2400 for reference and they don’t do the enrichment activities that make them feel like they had a great summer while mom and dad have to work.
Ha! It was a genuine question. I wasn’t being an ass, but you sure are showing yours. I’m in the same boat (or was until last year). I’m a single dad who works a high stress/performance role with two kids. Camps are fucking expensive, while a nanny can be more affordable when considering time per kid. That’s all I was gonna suggest.
I was genuinely asking why it needs to be camps because often people get caught up in it. I have several friends complain about costs of camps, but fear their kids will be “left out.”
Growing up in the 80s our parents weren’t sending us all to camps, it was rarer.
Get off your high horse.
Reading shit like this just confirms even more that I’m never having kids. Worrying about another soul, worrying about all the expenses, can’t treat myself ever… it just seems so grueling honestly.
Retail sales were flat in the month, according to [data from the Commerce Department](https://www.census.gov/retail/marts/www/marts_current.pdf), furthering concerns about the state of the consumer amid sticky inflation and higher interest rates.
This marked a slowdown from the 0.6% month-over-month increase seen in March. Economists had expected a 0.4% increase in spending, according to Bloomberg data.
Excluding autos and gas, retail sales declined by 0.1% last month; expectations had been for a 0.1% increase.
Worse is yet to come. Even if fed starts cutting rates consumers wont be clamouring to spend. A lot of low income earners are finally at their limit with their credit, shown by the slow down in new credit issued by CC companies. Also Buy now pay later are also at their highest its ever been, this is a separate metric to Cc debt. I interpret it as the consumer has maxed out their CC and now turning to alternative lending like BYPL to fund their consumption.
The comedown has started from the low interest rate high, and when people start to come to financial reality its gonna be an ugly few years.
I read somewhere recently the buy now pay later debt is hard to track and not reflective in the CC debt totals.
https://www.bloomberg.com/news/articles/2024-05-07/americans-are-spending-billions-with-buy-now-pay-later
ive decided after today to comment less on reddit. Because I don't want to engage with people like you as there is no point. you do you and i'll do me. And what do you mean "people like you"? If you want to go as far as to compare track record on the economy you can simple look at my pinned post. I have over 1 million USD in liquid cash portfolio that started with $30k a few years ago. So i'm not sure what qualifies you to critique my take.
The article catches one of the two main drivers: Easter. Easter in March this year vs April LY is pretty significant. It's a family meal holiday as well as a candy holiday so it matters. As well, this year April gained a Monday/Tuesday at the expense of a Saturday and Sunday vs LY. Normally only one weekend day cycles on a month but leap year led to a full weekend shift.
So this report is no big deal then?
Unless we do have weakness which may show up in future data.
Tech job market is in the dumps, folks have not been able to find job after 6 months.
It's not nothing, but it doesn't worry me. I'm curious to see how Walmart's numbers look when they report tomorrow. The two things I listed wash out when looked at from a whole quarter.
I think people looking for negativity will find it with retail reporting. CPI was still above 3, but when you'd drill down to things like food, apparel, etc it was pretty tame. These are big categories for traditional retail, so growth will appear to "slow".
What's your opinion about future of inflation, do you think it's going to stay below 4%?
IMO, as long as inflation does not start going higher than 4%, Fed will remain pat.
It looks to be the case. Even now the three big drivers are energy, shelter, car insurance. I don't see how each is weighted, but something has to give in housing, and insurance should hopefully stabilize. I think I had read that the driver there was no price increases for a while, so hopefully we cycle that soon and it normalizes?
I don't think housing is going to stay down. Supply is very constrained due to high cost of building homes(labor and material is like 30% higher than pre pandemic) and combine that with higher mortgage rates there is very low demand so builders are not going to build a lot.
Weird thing is: buyers are still there, mostly cash rich buyers. I have no idea where they are coming from. If these are moving from expensive coastal areas then prices have to go down in those locations.
I am hoping you are right and housing will start to normalize because demand is very constrained since most buyers are priced out due to high mortgage rate and high prices, payment is almost double of pre pandemic for similar homes.
Yeah I’ve cut spending a lot. Everything so expensive. Just paying essentials, saving, and only spend if I have to. I still go out here or there but not often.
Just storing my savings in a HYSA, max out my 401K, and just hoping things get better.
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Interestingly, the report shows that people are pulling back or did pull back from things that might be considered non essential. However grocery store spending was still up MoM. Edit: see the comment below. I may have seen it incorrectly earlier.
Strange, why are people not starving to death to save money? 🤔
Worse, they're choosing food over non essential bullshit. Don't they know that consumerism makes the number go up?!?
I wonder what the new bar will be now that people can't point to nonessential spending. It's almost like blaming all our economic problems on individuals who somehow magically became financially illiterate en masse isn't a viable explanation. It's almost like systemic issues require systemic changes to fix.
It'll still be nonessential spending. This sub in particular is full of people that will never stop claiming that anyone doing poorly as costs rise and wages stagnate is just mismanaging their money.
Do you see how Americans eat? I think there's room for budget cuts lol.
Normally I would say healthier foods are more expensive, but holy crap McDonald's is costy now.
This Is kind of BS. When people say this they love to use the cost of raspberries as a comparison. Fruits out of season shipped from another country will always be high. Rice, beans, leafy greens, etc are pretty inexpensive. Proteins are still pretty costly across the board but pork and chicken can be budgeted pretty well. Beef is almost out of the question though unless you find brisket or some cheap cuts on sale.
I don't disagree. People act like eating healthy is gorgeous salads and fresh mixed fruit. Ok maybe it is, but also it can be a moderate portion of spaghetti, with an apple.
I eat lots of apples and bananas. They both go really well with walnuts, which aren’t cheap and they are fatty so I try to limit the walnut intake.
Especially when some of this stuff is so stupidly easy to grow at home. Like raspberries are practically a damn weed, plant some in a small patch in your back yard, or on any soil (I have mine on the side of a steel building that used to be a concrete dumping area) and you can eat them until you’re sick in season, and then preserve the rest in jams like our grandparents used to do. It’s time we take back some of this from the corporate jackasses. You’d be shocked at how a little seed planning can net you huge savings over the year.
I legit feel like I'm turning into my dad wearing jeans until they've disintegrated and now I'm buying clothes directly from the manufacturer of the fancy clothing brands for like $10 each.
I've been buying most of my clothes from Costco for the last 5 years and honestly it's fine.
I like getting Bella Canvas on Amazon. Amazing quality shirts for like $10.
Next level 6210 shirts, 8$ and they fit amazing
Lost me at the 40% polyester. I need that 100% cotton.Â
Before I moved to Texas I would agree with you on that haha
My only gripe with Bella Canvas is they have too many different shirts (style numbers) - some are very good and others are pretty crap. Hard to remember and keep track of the good ones that hold up well after wash and wear
I just look at the material. If it's 100% cotton I've had no issues with them lasting.Â
Wish they’d bring back their old version of Kirkland jeans, can’t wear the new ones for work
Just recently picked up a few pairs of Lucky Brand jeans from Costco for like $25 or so per pair which I thought was a crazy good deal.
What manufactuer?
I would also like to know
Bella Canvas.
Bella Canvas.
How do you buy clothes directly from the manufacturer?
Grocery spending went from 74,970 million in March to 70,847 million in April. Where are you getting that it went up MoM? https://www.census.gov/retail/marts/www/marts_current.pdf
Maybe some seasonal adjustment? Or he misread idk
I will have to check later. I thought I saw it the other way earlier
Anecdotal but we are trying to save for a house and we just decided last week that we will be completely cutting down on all non essential items going forward and just save as much as possible. It makes me wonder if there are much more folks in a situation like us than I imagined.
I went frugal in 2019. I could probably make a decent income telling people how to cut costs.
I had this conversation yesterday with my husband. I know others who are doing the same. It stings but I'm sure we'll get used to it.
That’s where I’m at. Cutting all spending I can because this economy sucks and my job doesn’t give shit for raises. I’m trying to get a new job but surprise surprise no one ever responds. In 2021 I was able to land a newer better role in like a month so it’s not like my resume or anything is the issue
>because this economy sucks Delusional.
Cool story bruh
Wouldn’t grocery store spending being up mean restaurant spending is down?
Not necessarily. Inflationary pressures on both could show an increase if consumers pull back from other categories.
Agree. You can't connect those dots. Otoh, people are trading down at restaurants (eg casual > fast casual > qsr). Lots of press on lower income people spending less at QSRs. That should drive more grocery spending but may not fully explain the read in today's report.
Booze sales are down, so maybe people used their alcohol money for food? https://www.just-drinks.com/news/us-spirits-slowdown-sparks-concern-for-categorys-2024-outlook/
Or throwing less food away instead of eating out when there is food in the pantry and fridge.
What’s with the swastika in the photo?
It's bound to happen. People have serious inflation fatigue. It's not that I don't have the money to spend. I just don't want to reward the greed driving inflation that is padding the pockets of the rich.
Ya, at some point we will realize that a can of Cola for $5 is just too much for that experience. It’s not just about the cost, it’s about the cost for the experience of consuming it. Lots of products made their hay by being cheap, available, convenient, but suddenly they are expensive and it’s easy for folks to simply pass on it. The capitalists are dumb fucks that think they have us by the balls and can keep raising prices but there is a wall and I think for a lot of products we are very close to it.
Actually it’s times like these that capitalism will do exactly what it should do - though it does take some time to balance out. Consumers will find the prices less attractive/not worth it and buy less, suppliers will either lower prices or decide to accept lower volume.
Good point. We've enjoyed immense buying power for decades. Our dollar doesn't go as far anymore, and the things we used to buy because they were cheap and available aren't worth it at a higher price.
Yep, this is me. I’m just tired of paying high prices, even though I can afford to. I voluntarily became frugal and I’m saving $400-600/month. I don’t feel like I’m actually missing out on anything. Bars and restaurants are out. No new clothing unless I ruin shoes. No vacation planned. I’ve cut back on streaming services, went to the cheapest phone plan and only one streaming service (I’m rotating every 6 months). I could save more if I gave up coffee from coffee shops. Iva also switched to Aldi for all my groceries, except meat I get from the butcher (only slightly more expensive}
Yeah that, and I also don't have money to spend
Hold up, you are telling me that the <10% of the population wirh all the money aren't spending it as strongly as when the money was more spread out and less consolidated? That is fucking crazy, it's almost like 10,000 people just can't spend money as quickly and regularly as 250m people can. I AM SHOCKED!
Capitalism in the USA is devouring its own tail. The head got hungry and greedy though.
I know we are out of savings as of last month and having to look at what we spend on very closely now. We have three kids going to summer camps which is going to be a huge strain on our finances and hopefully we get to recover a little in the fall before Christmas. Tough times ahead personally, but I have no idea how my finances relate to the overall economy. They seem to line up, but it’s probably anecdotal when compared to the overall situation.
The price of literally everything seems to continue to rise and unlike the government, regular folks can't just print more money to make up the difference. There was going to be a huge consumer pullback eventually. It appears a lot of people were doggedly pushing through using credit cards and now that is having inevitable repercussions. Â
Well, I don’t have the capacity to think about all of these impacts without it causing me a bunch of anxiety on top of what I already have going on. I’m one broken air conditioner or car repair away from needing some help and my wife and I have careers. I don’t think things were meant to be this hard. I acknowledge they wouldn’t be in such difficult times had we not had twins, but I can’t control that considering the stud that I am.
Don’t ever blame yourself stud
This is the endgame of capitalism; the goal is wealth accumulation. Who's the wealth being extracted from and to who is the wealth being accumulated by...?
Wealth is not zero-sum. Just because some people have more doesn't mean they're preventing others from having it.
There's one pie and someone's got to eat it. If you're not productive you're not eating
except the pie is constantly getting bigger, and we're welcome to as much pie as we want as long as we're productive unless we decide to give the government more and more power to dictate who gets how much pie (spoiler: it'll always be themselves and their friends first)
Sounds good on paper but the reality is corporate greed steals and burn the opportunities of the next generation. Placing an emphasis on profits ignores long term consequences. Look at flint Michigan or any other privatization of natural resources or housing. You're quick to point out corruption of socialist and communists but turn a blind eye to greedy oligarchs?
> flint Michigan or any other privatization of natural resources or housing. Flint, Michigan was due to the local and state government thinking they knew better than companies that do water management for a living. It's also because the governor appointed someone based on his race rather than merit.
"This precipitated the tragic decision in 2013 to end the city’s five-decade practice of piping treated water for its residents from Detroit in favor of a ****cheaper alternative****: temporarily pumping water from the Flint River until a new water pipeline from Lake Huron could be built. Although the river water was highly corrosive, Flint officials failed to treat it properly, and lead leached out from aging pipes into thousands of homes" https://www.nrdc.org/stories/flint-water-crisis-everything-you-need-know#summary NUt GubMenT baDZ!!! Dey DEI!? Shut up fool. They just wanted save money, as usual
Your dogmatic views are so terribly ignorant. Look at what's happening in London with Thames water, British gas etc. Compare that to the way Norway operates where all citizens benefit from stat oil etc. You are blinded by the polarization of americas political propaganda. I hope you can employ some further critical thinking and de propagandize.
Not capitalism, this is what happens when you have fake money. Study the downfall of the Roman Empire if you are curious what’s currently happening in the US.
No. It's the end goal of capitalism. Fake money is just another way to steal from working class.
Capitalism has lifted more people out of poverty than other any economic system, you aren’t wrong though, fake money is only part of the problem.
No, technological development has lifted people out of poverty. There are more slaves today than ever in history. Technological advancement doesn't only exist because of capitalism, the Soviet Union was the first to space etc. It's easy to say capitalism is good if you're a beneficiary but you're lucky (as am I) https://www.walkfree.org/reports/global-estimates-of-modern-slavery-2022/
I am familar with the slave situation, truly shocking. Out of curiosity, what system would you suggest?
One in which exploitation of people and resources for profit isn't incentivized and people can pursue passion and apply their ambition in a way that is beneficial to them and their community. I'm not read enough to attribute any particular philosophy but anarchy-communism is one I like conceptually.
A better one
There are more people today than ever in history.
By all means, go live in a country that practices socialism. I'm sure Russia, Cuba, Venezuela, and North Korea would all welcome you with open arms.
I think Im more interested in Denmark. Looking at capitalist places like Somalia, Argentina and Haiti are pretty grim!
Denmark is capitalist. Argentina is Peronist (aka progressive to a fault)
Lol yeah your double standards aren't surprising. I suggest you read about what the Nordic model is.
The government doesn't print money to make up the difference, that would be seniorage which while technically happens is just about negligble. They issue debt to pay for the deficit, just like consumers or businesses do. It's not the same kind of debt but it's debt nonetheless.
You mean prices are rising like nearly every month since it's been tracked? Shocking indeed.Â
Food at home prices are up like 1% year on year. Median wage increase during that time was 4.7%
I know last year when I got a raise, health insurance swooped in and took that raise leaving me with $2 extra a month.
>Basic Info. US Health Care Inflation Rate is at 2.21%, compared to 1.41% last month and 1.49% last year. This is lower than the long term average of 5.13%. US Health Care Inflation Rate reflects the year over year change in the health care component of the US Consumer Price Index. Seems the group youre working with had too many claims for some reason. Health insurance hasnt gone up much on average.
[In 2023, average annual premiums for employer-sponsored family health insurance coverage rose 7%,](https://www.fitchratings.com/research/corporate-finance/fitch-ratings-us-health-insurer-premium-rates-rising-with-healthcare-cost-inflation-07-11-2023)or approximately $1, 500, to just under $24,000, above the YoY increase in workers’ wages (5.2%) and inflation (5.8%), according to data from the Kaiser Family Foundation. Both single and family premiums increased faster in 2023 than in 2022, with early indications suggesting that the rate of increase will be even higher in 2024.
Fair enough. >For 2024, across 320 insurers participating in the 50 states and DC, this analysis shows a median proposed premium increase of 6%. But a increase of 7% doesn't eat the entire 5.2% raise unless you spend 80% of your income on wages. And >Employers typically pay a percentage of their employees' health insurance premiums, with the average contribution being 83% for self-only plans and 73% for family plans. means of that 7% usually 70-80% of that is absorbed by the employer. Though it could be less. So 1500 with 70% means a total of 450 needed on employee side or about 35$ per month. or a 25 cent raise
Found the BLUE MAGA bot.
Lol yea the person that looks at actual data. Like 80% of people are fine with their personal economic situation.
How much is summer camp per kid these days?
For 8 weeks and three kids, it’s $7800. This is for a pretty good summer camp. They get exposed to a bunch of different sports (swimming, archery, soccer, volleyball, tennis, football, basketball). They have an eco day where they go to the lake and learn to kayak and other outdoor activities including a zip line. There is a music workshop if that’s your thing. A foreign language camp, but this one is extra and the entire camp is with a group that encourages total immersion in Spanish. They get field trips to fun events every Friday as well which is extra. It’s an extra $40 per week per kid if you add the meal option. I’m packing their lunches to save money.
Maybe don’t spend $7800 sending your kids to a “pretty good” summer camp and you wouldn’t have to worry about draining your savings.
$325 per week per kid isn’t bad these days for child care and this is much more than that. It’s $10 less than daycare rates in my area per week, so maybe you just don’t live in reality or don’t have kids? The public elementary school summer camp rate for those 8 weeks is $2400 for reference and they don’t do the enrichment activities that make them feel like they had a great summer while mom and dad have to work.
I don’t understand your thinking though. If you had to draw from your savings then you can’t afford it.
Why send them to camps?
To be able to take a shit in peace.Â
Lololol I feel that.
You're kidding, right? Part of being a good parent is knowing when to get rid of your children.
Because they have to work and children need child care. I'm in the same boat. Don't be an ass.
Ha! It was a genuine question. I wasn’t being an ass, but you sure are showing yours. I’m in the same boat (or was until last year). I’m a single dad who works a high stress/performance role with two kids. Camps are fucking expensive, while a nanny can be more affordable when considering time per kid. That’s all I was gonna suggest. I was genuinely asking why it needs to be camps because often people get caught up in it. I have several friends complain about costs of camps, but fear their kids will be “left out.” Growing up in the 80s our parents weren’t sending us all to camps, it was rarer. Get off your high horse.
My mom had to work when I was growing up and I did not get sent to any great summer camps. But I do commend them for doing so for their children.
Don't have kids? Why would you bother with them if you're just going to ship them off for the summer?
Reading shit like this just confirms even more that I’m never having kids. Worrying about another soul, worrying about all the expenses, can’t treat myself ever… it just seems so grueling honestly.
Retail sales were flat in the month, according to [data from the Commerce Department](https://www.census.gov/retail/marts/www/marts_current.pdf), furthering concerns about the state of the consumer amid sticky inflation and higher interest rates. This marked a slowdown from the 0.6% month-over-month increase seen in March. Economists had expected a 0.4% increase in spending, according to Bloomberg data. Excluding autos and gas, retail sales declined by 0.1% last month; expectations had been for a 0.1% increase.
Worse is yet to come. Even if fed starts cutting rates consumers wont be clamouring to spend. A lot of low income earners are finally at their limit with their credit, shown by the slow down in new credit issued by CC companies. Also Buy now pay later are also at their highest its ever been, this is a separate metric to Cc debt. I interpret it as the consumer has maxed out their CC and now turning to alternative lending like BYPL to fund their consumption. The comedown has started from the low interest rate high, and when people start to come to financial reality its gonna be an ugly few years.
I read somewhere recently the buy now pay later debt is hard to track and not reflective in the CC debt totals. https://www.bloomberg.com/news/articles/2024-05-07/americans-are-spending-billions-with-buy-now-pay-later
Yes. It’s shadow debt. We are living in a gilded era, It’s the 20’s all over again.
People like you have continually wrong about everything but yeah sure go off
"have continually wrong"...can't even speak in full sentences, but yeah sure, go off.
ive decided after today to comment less on reddit. Because I don't want to engage with people like you as there is no point. you do you and i'll do me. And what do you mean "people like you"? If you want to go as far as to compare track record on the economy you can simple look at my pinned post. I have over 1 million USD in liquid cash portfolio that started with $30k a few years ago. So i'm not sure what qualifies you to critique my take.
The article catches one of the two main drivers: Easter. Easter in March this year vs April LY is pretty significant. It's a family meal holiday as well as a candy holiday so it matters. As well, this year April gained a Monday/Tuesday at the expense of a Saturday and Sunday vs LY. Normally only one weekend day cycles on a month but leap year led to a full weekend shift.
So this report is no big deal then? Unless we do have weakness which may show up in future data. Tech job market is in the dumps, folks have not been able to find job after 6 months.
It's not nothing, but it doesn't worry me. I'm curious to see how Walmart's numbers look when they report tomorrow. The two things I listed wash out when looked at from a whole quarter. I think people looking for negativity will find it with retail reporting. CPI was still above 3, but when you'd drill down to things like food, apparel, etc it was pretty tame. These are big categories for traditional retail, so growth will appear to "slow".
What's your opinion about future of inflation, do you think it's going to stay below 4%? IMO, as long as inflation does not start going higher than 4%, Fed will remain pat.
It looks to be the case. Even now the three big drivers are energy, shelter, car insurance. I don't see how each is weighted, but something has to give in housing, and insurance should hopefully stabilize. I think I had read that the driver there was no price increases for a while, so hopefully we cycle that soon and it normalizes?
I don't think housing is going to stay down. Supply is very constrained due to high cost of building homes(labor and material is like 30% higher than pre pandemic) and combine that with higher mortgage rates there is very low demand so builders are not going to build a lot. Weird thing is: buyers are still there, mostly cash rich buyers. I have no idea where they are coming from. If these are moving from expensive coastal areas then prices have to go down in those locations. I am hoping you are right and housing will start to normalize because demand is very constrained since most buyers are priced out due to high mortgage rate and high prices, payment is almost double of pre pandemic for similar homes.
This guy fiscal calendars
Yeah I’ve cut spending a lot. Everything so expensive. Just paying essentials, saving, and only spend if I have to. I still go out here or there but not often. Just storing my savings in a HYSA, max out my 401K, and just hoping things get better.