by Tyler Durden
Friday, May 28, 2021 - 01:25 PM
With BofA predicting that the US is facing a period of transitory hyperinflation as a result of soaring commodity prices in everything from metals to food.
The @UNFAO global food price index rose for an 11th month in April to a seven year high at 120.9, representing a y-o-y jump of 30.7%. Food #inflation has not risen this fast since 2011 with all sectors rising led by sugar and oils - #agriculture#grainspic.twitter.com/V78egWukzI Ole S Hansen (@Ole S Hansen) May 6, 2021
.. and beyond, in what increasingly more warn is a stagflationary burst right out of the 1970s playbook.
Apartment List's May National Rent Report indicates that the brief reprieve in rising rental prices caused the economic disruption of the pandemic might already be a thing of the past.
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Even before the pandemic, Elsa Rodriguez Killion realized that Casa Corona, her restaurant in Fresno, California, was going to have to change with the times.
She spent money on digital marketing. She invested in technology that enabled online orders for dishes like the restaurant’s signature chile verde. And there was something else she had to keep up with: California’s rising minimum wage.
The minimum rose to $14 an hour on Jan. 1, the fifth annual increase under a 2016 law. It is set to reach $15 for most employers by next year. With price increases, Rodriguez Killion was able to absorb some of the added payroll expense. But she also cut more than 20% of the 160 jobs at her restaurant’s two locations in the last five years, not including those lost because of the pandemic.
How a Minimum-Wage Increase Is Being Felt in a Low-Wage City
Is $15 an hour too much, or not enough? Fresno, Calif., may be a laboratory for a debate over the minimum wage that is heating up on the national level.
Elsa Rodriguez Killion, a Fresno restaurant owner, worries that California’s rising minimum wage will force her to cut jobs.Credit.Sarahbeth Maney for The New York Times
Published Feb. 14, 2021Updated Feb. 25, 2021
Even before the pandemic, Elsa Rodriguez Killion realized that Casa Corona, her restaurant in Fresno, Calif., was going to have to change with the times.
She spent money on digital marketing. She invested in technology that enabled online orders, for dishes like the restaurant’s signature chile verde. And there was something else she had to keep up with: California’s rising minimum wage.