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Happy Friday!
Thanks for tuning into another edition of the Economic Perspective! This week we are covering topics on business response to inflation, ferry troubles in Seattle, Amazon worker's ongoing strike, and more! Our data visualization this week covers ongoing changes in consumer confidence.
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Thank you and have a great Labor Day weekend!
The Speed of Firm Response to Inflation
A new study researched how firms in the U.K. respond to monthly inflation estimates. Researchers used a monthly survey of CFOs and Finance Directors across businesses where they are asked about their own price expectations as well as inflation expectations. They found that between 2022 and 2024 a one percentage point increase in headline CPI inflation is associated with a 0.6 percentage point increase in expected own-price growth. They also found that impacts are less significant when inflation changes decrease. However, the results showed that between 2017 and 2021 CPI changes had no effects in own-price expectations. CEPR
More Trouble with Ferry Service in Seattle
Commuters who rely on ferry service from Kitsap Peninsula continue to face challenges in the wake of yet another ferry with mechanical issues. One of Kitsap transit’s fast ferry vessels faced a mechanical failure last week, causing the service between Kingston and downtown to Seattle to be cancelled until further notice. Kitsap Transit is trying to bridge the gap in ferry transit through park-and-ride and taking a bus to the Bainbridge Island Ferry Terminal. In addition to the suspended Kitsap transit, Washington State Ferries is facing critical delays and cancellations due to crew shortage and are currently operating on a one-boat service ahead of the Labor Day weekend. King5/KOMO News
Amazon Workers to Join Teamsters' Strikes Against Unfair Labor Practices in US
Amazon workers have joined the Teamsters union in their strikes against unfair labor practices. 100 Amazon drivers started a strike at their facility in Skokie Illinois in June. In that same month the Amazon Labor Union voted to affiliate with the International Brotherhood of Teamsters that month. The number of workers in the strike would expand this week as more workers joined the union. This follows as unionization efforts at Amazon have picked up steam. Read More.
Manatee Calf Deaths in Florida at Record Highs
Near the Indian River Lagoon in Volusia and Brevard Counties, over 130 dead manatee calves have been found this year along, nearly twice the 5-year average to date and higher than any other point for the last 50 years. Marine biologists tie this “unusual mortality event” to a series of harmful algal blooms in the IRL three years ago that destroyed a majority of the seagrass that manatees feed on, killing a record number of adult manatees from 2021-22. Possible causes for the rise in calf deaths are either malnourishment of the still-recovering adult manatees, unable to properly sustain pregnancy, or a sudden synchronization of reproduction cycles due to populations finally recovering, as statistically more births lead to more dead calves. It is also important to note that while the death rate for calves this year is high, the overall population of manatees as substantially grown since the 1970s, and researchers anticipate the calf death rate to quickly drop over the next year. Read More.
New Plan Released for Lake Okeechobee Management
Earlier this month, the US Army Corps of Engineers release a new plan for Lake Okeechobee, Florida’s largest lake that sits at the heart of the Everglades. The Lake Okeechobee System Operating Manual, or LOSOM, has been five years in the making with input from numerous interested parties. The plan aims to reduce harmful toxic algae releases from the lake and increase flows directly south into the Everglades by 242 percent. The plan’s release coincides with the near completion of other large-scale Everglades restoration projects and provides hope for improving environmental conditions throughout the watershed. Read more here.
Philadelphia's New Environmental Justice Mapping Tool
The City of Philadelphia has begun to create its very own environmental justice (EJ) mapping tool with direct input from its own residents. With the first of many workshops held by the city’s Office of Sustainability to come, residents have raised concerns over illegal dumping, flooding, wildlife, damaged infrastructure, green space, air pollution, and more. The proposed mapping tool will be used to identify communities in Philadelphia that are disproportionately burdened by environmental hazards. Unlike larger EJ tools, which are led by metrics such as race, income, air particulates and more, this mapping tool is city-specific and far more personalized by its residents. Read more about the story here.
Data Visualization of the Week
Weaker than anticipated US Job Growth
Overall Confidence Ticked Up, But Consumers Showed More Concern About the Labor Market
According to the Conference Board consumer confidence has ticked up in August, but only narrowly. Confidence would decrease for consumers under 35 as well as consumers making under $25k. Consumers over 35 saw the biggest increases in confidence in August. Fears of a recession held steady as it saw no decline, but still significantly lower compared to 2023 peak concerns. While some minor improvements in consumer confidence are occurring, these narrows are happening in the same narrow trend that has been prevailing the last few months. Read More.
Click the visual below for more information.
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