U.S. Consumers Face Shortage Of Goods, Higher Prices
Shortages of products like meat, lumber and rental cars linked to higher demand, labor shortages.
Just about everything seems impossible to buy these days. From houses to rental cars.
"We sell everything in one day. Everything we open up, we sell the same day," Matt Kelsey, a sales manager with said Casa Fresca Homes in Tampa, Florida.
"They said they didn't have any cars and I had already paid for it," said Shaniqua Long who was traveling to Las Vegas, Nevada.
Even chlorine tablets.
"The price has been through the roof," Nicholas Bissanti, owner-operator for In The Solution Pool Care in Cape Coral, Florida, said.
And lots of other consumer goods. In fact, the Consumer Price Index rose 0.8% from March to April — higher than the 0.2% that was expected. Year to year, the index climbed 4.2 percent...a pace we haven’t seen in more than a decade. So what’s going on here?
For starters, the government has injected $6 trillion of relief to help Americans and businesses pay their bills. And with vaccination rates up, the demand for goods and services has soared. But the supply isn't quite there to meet it yet.
This has led to a lot of concern over inflation, but Federal Reserve Chairman Jerome Powell says any pressure on prices isn't something to panic over.
"Those pressures are likely to be temporary, as they are associated with the reopening process," said Jerome Powell, chairman of the U.S. Federal Reserve.
Some experts believe the pandemic will end up making supply chains more efficient. But fears over lingering inflation still run deep, especially as businesses across the country struggle with labor shortages and pass along higher costs to consumers.
Report: Gen Z accumulating debt faster than other generations
Generation Z had, on average, more than $16,000 of debt at the end of of 2022. That's an increase of 3% from earlier in the year.
Child care costs rising with more private equity firm investments
Experts are cautioning that more private equity firms investing into child care could make the affordability crisis worse.
Foot Locker closing more than 400 stores in malls
Though it's shuttering stores in malls, the company has plans for hundreds of new concept stores.
Tracking brown macroalgae in the Atlantic Ocean
A large amount of sargassum is floating eastward in the Atlantic Ocean and is expected to create beach hazards as is runs into coastlines.
Six dead in Nashville school shooting; female suspect also killed
Three students were killed in a shooting at a Nashville private Christian School on Monday, according to Scripps News Nashville.
A high school bank is teaching students financial literacy
A bank branch inside Milaca High School is giving students real-world experience managing their money.