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Abercrombie's holiday sales hurt by Omicron and Shortages- Madison Curry

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Abercrombie's holiday sales hurt by Omicron and Shortages- Madison Curry

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Source:
https://www.metro.us/abercrombies-holiday-sales-hurt/

What kind of News?
World

What economic issue does this article involve?
The shortages of seasonal items for Abercrombie due to factory closures relating to Omicron

Who is involved?
Abercrombie's suppliers, including Vietnam and other Asian Pacific countries. The Abercrombie company is involved because sales and supply is effected. Consumers are involved because they aren't able to receive certain items.

What happened/is happening?
Factory closures in Vietnam and shipping delays resulted in shortages during the peak Christmas and New Year shopping period, with the U.S. company struggling to obtain important seasonal items such as outerwear.

When did / will happen?
This event happened during the holiday seasons this year.

Where is this taking place?
It is affecting all stores, which take place globally.

Why is this event happening?
Omicron is causing factories to have to cut down working hours, decrease staff, and in extreme cases, shut down production all together. Without the products being produced, Abercrombie isn't able to sell and consumers aren't able to buy.

What do you think about it?
I think it is unfortunate that Omicron has hurt production and that Abercrombie is not meeting good numbers. However, it is out of the companies control and I don't think the decreases sales will hurt Abercrombie too much.

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(Reuters) -Clothes retailer Abercrombie & Fitch Co missed estimates for holiday-quarter sales and profit on Wednesday due to sector-wide product shortages and COVID-19 curbs, sending shares down about 11%.

Factory closures in Vietnam and shipping delays resulted in shortages during the peak Christmas and New Year shopping period, with the U.S. company struggling to obtain important seasonal items such as outerwear.

Abercrombie's sales in the Asia Pacific region fell 21% in the quarter as renewed restrictions in some parts of the world due to a surge in the Omicron coronavirus variant forced the company to cut down on operating hours at its outlets.

But Chief Executive Fran Horowitz said sales had started to improve as products arrived and COVID-19 cases fell, giving the firm momentum into the current quarter.

Abercrombie projected net sales for fiscal 2022 to rise 2% to 4%, above estimates of a 2.7% rise at midpoint, but that did little to ease investors' concerns.

The Ohio-based company's net sales rose to $1.16 billion in the fourth quarter from $1.12 billion a year earlier, but missed analysts' estimates of $1.18 billion, according to IBES data from Refinitiv.

Though Abercrombie offered fewer and smaller discounts to protect its margins from soaring expenses, its profit per share of $1.14 fell short of estimates of $1.27.

Teen apparel peer Urban Outfitters Inc also saw a fall in store traffic before Christmas, while American Eagle Outfitters Inc has signaled a hit to holiday sales due to the same factors of supply chain snarls and Omicron.

(Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri)

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Abercrombie's holiday sales hurt by Omicron and shortages - Metro US

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(Reuters) -Clothes retailer Abercrombie & Fitch Co missed estimates for holiday-quarter sales and profit on Wednesday due to sector-wide product shortages and COVID-19 curbs, sending shares down about 11%. Factory closures in Vietnam and shipping delays resulted in shortages during the peak Christmas and New Year shopping period, with the U.S.

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How Sanctions on Russia Are Affecting the Global Economy

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How Sanctions on Russia Are Affecting the Global Economy

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Source:
https://www.nytimes.com/2022/03/01/business/economy/russia-ukraine-sanctions-economy.html
What kind of News?
This is world news

What economic issue does this article involve?
This issue involves the current Russian and Ukrainian war which has shot energy prices higher than ever before

Who is involved?
Russia and Ukraine are the main subjects in this matter but the whole world has took an economic hit from this war going on

What happened/is happening?
Russia decided they would invade Ukraine since they were about to join NATO. The EU and the whole rest of the world was obviously not happy about this so they imposed sanctions on Russian assets and companies.

When did / will happen?
This is happening as we speak and started about a week ago now.

Where is this taking place?
Europe/Asia

Why is this event happening?
Because President Putin decided that he didn't feel comfortable with NATO surrounding him but also Ukraine has massive oil reserves that were found not to long ago that they can't get to. So Russia wants that oil as well

What do you think about it?
I think what everyone else thinks about it. It was a pointless invasion of Ukraine that causes more harm then gain in the long run.

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The price of energy has already shot higher, and the conflict imperils supply chains, factors that could exacerbate inflation and suppress growth.

Send any friend a story
As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

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A Moscow supermarket on Monday. In recent years, President Vladimir V. Putin has taken steps to insulate Russia's economy from Western pressure. Credit... The New York Times

Patricia Cohen, based in London, covers the world economy.

In the span of just a few days, the global economic outlook has darkened while troops battled in Ukraine and unexpectedly potent financial sanctions rocked Russia's economy and threatened to further fuel worldwide inflation.

The price of oil, natural gas and other staples spiked on Monday. At the same time, the groaning weight on supply chains, still laboring from the pandemic, rose as the United States, Europe and their allies tightened the screws on Russia's financial transactions and froze hundreds of billions of dollars of the central bank's assets that are held abroad.

Russia has long been a relatively minor player in the global economy, accounting for just 1.7 percent of the world's total output despite its enormous energy exports. President Vladimir V. Putin has moved to further insulate it in recent years, building up a storehouse of foreign exchange reserves, reducing national debt and even banning cheese and other food imports from Europe.

But while Mr. Putin has ignored a slate of international norms, he cannot ignore a modern and mammoth financial system that is largely controlled by governments and bankers outside his country. He has mobilized tens of thousands of his troops, and, in response, allied governments have mobilized their vast financial power.

Now, "it's a gamble between a financial clock and a military clock, to vaporize the resources to conduct a war," said Julia Friedlander, director of the economic statecraft initiative at the Atlantic Council.

Together, the invasion and the sanctions inject a huge dose of uncertainty and volatility into economic decision-making, heightening the risk to the global outlook.

A corn warehouse near Stavropol, Russia. Russia and Ukraine are large exporters of corn. Credit... Eduard Korniyenko/Reuters

The sanctions were designed to avoid disrupting essential energy exports, which Europe, in particular, relies on to heat homes, power factories and fill gas tanks. That helped dampen, but did not erase, a surge in energy prices caused by war and anxieties about disruptions in the flow of oil and gas.

Worries about shortages also pushed up the price of some grains and metals, which would inflict higher costs on consumers and businesses. Russia and Ukraine are also large exporters of wheat and corn, as well as essential metals, like palladium, aluminum and nickel, that are used in everything from mobile phones to automobiles.

Already eye-popping transport costs are also expected to soar.

"We are going to see rates skyrocket for ocean and air," said Glenn Koepke, general manager of network collaboration at FourKites, a supply chain consultancy in Chicago. He warned that ocean rates could double or triple to $30,000 a container from $10,000 a container, and that airfreight costs were expected to jump even higher.

Russia closed its airspace to 36 countries, which means shipping planes will have to divert to roundabout routes, leading them to spend more on fuel and possibly encouraging them to reduce the size of their loads.

Loading rolls of steel onto a ship at the port of Mykolaiv in Ukraine. One expert predicted that ocean transport costs could triple. Credit... Brendan Hoffman for The New York Times

"We're also going to see more product shortages," Mr. Koepke said. While it's a slower season now, he said, "companies are ramping up for summer volume, and that's going to have a major impact on our supply chain."

In a flurry of updates on Monday, several Wall Street analysts and economists acknowledged that they had underestimated the extent of Russia's invasion of Ukraine and the international response. With events rapidly piling up, assessments of the potential economic fallout ranged from the mild to the severe.

Inflation was already a concern, running in the United States at the highest it has been since the 1980s. Now questions about how much more inflation might rise - and how the Federal Reserve and other central banks respond - hovered over every scenario.

"The Fed is in a box, inflation is running at 7.5 percent, but they know if they raise interest rates, that will tank markets," said Desmond Lachman, a senior fellow at the American Enterprise Institute. "The policy choices aren't good, so I don't see how this has a happy outcome."

Others were more cautious about the spillover effects given the isolation of Russia's economy.

Adam Posen, president of the Peterson Institute for International Economics, said there were vexing questions, particularly in Europe, about what the conflict would mean for inflation - and whether it posed the prospect of stagflation, in which economic growth slows and prices rise quickly.

But overall, he said, "the damage is likely to be small."

That doesn't mean there won't be intense pain in spots. Mr. Posen noted that a handful of banks in Europe could suffer from their exposures to the Russian financial system, and that Eastern European companies might lose access to money in the country.

Thousands of people fleeing Ukraine are also streaming into neighboring countries like Poland, Moldova and Romania, which could add to their costs.

Thousands of Ukrainian refugees, including this family at the Polish border in Medyka, have fled Ukraine for Poland, Romania and Moldova. Credit... Maciek Nabrdalik for The New York Times

Turkey's economy, which is already struggling, is likely to take a hit. Oxford Economics lowered its forecast for Turkey's annual growth by 0.4 percentage points to 2.1 percent because of rises in energy prices, disruptions to financial markets and declines in tourism.

In 2021, 19 percent of its visitors came from Russia, and 8.3 percent came from Ukraine. Inflation, already at a two-decade high of nearly 50 percent, is now estimated to reach 60 percent, Oxford said.

In the United States, the chair of the Biden administration's Council of Economic Advisers, Cecilia Rouse, said the biggest impact on the American economy from the war was rising gas prices. "This has definitely clouded the outlook," she said at a forum in Washington.

Gasoline prices are roughly a dollar higher than a year ago, with a national average of $3.61 a gallon, according to AAA.

Rising energy prices are tough on consumers, although good for producers - and the U.S. economy has both.

Other oil-producing nations will also see a rise in revenues. And for Iran, which has been shut out of the global economy for years, the demand for oil from other sources could help smooth negotiations to lift sanctions.

Over the longer term, the current conflict is likely to have effects on several countries' future budget decisions. Germany's chancellor, Olaf Scholz, announced that he would increase military spending to 2 percent of its economic output.

"Defense spending has fallen consistently in the post-WWII world," Jim Reid, managing director of Deutsche Bank, wrote in a note on Monday. Now, with this shift in "the geopolitical tectonic plates," he said, priorities are changing, and "those levels are likely to rise."

In Russia, the central bank and government took a series of actions, including doubling a key interest rates to 20 percent to increase the ruble's appeal, barring people from transferring money to overseas accounts, and closing the stock market to contain the damage and tamp down panic.

"What's happening right now is we're looking at the dismemberment of one of the largest economies on the planet," said Carl Weinberg, chief economist at High Frequency Economics. "And from what I know about tactics, this is a dangerous tactic."

Peter S. Goodman and Jeanna Smialek contributed reporting.

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Within Days, Russia's War on Ukraine Squeezes the Global Economy

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The price of energy has already shot higher, and the conflict imperils supply chains, factors that could exacerbate inflation and suppress growth. Send any friend a story As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

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Charvi Vinod - Smashburger warns on inflation: 'There's a point where people won't pay'

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Charvi Vinod - Smashburger warns on inflation: 'There's a point where people won't pay'

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Source:
https://news.yahoo.com/smashburger-president-strategic-about-inflation-theres-a-point-where-people-wont-pay-210130154.html

What kind of News?
National

What economic issue does this article involve?
Combating Inflation.

Who is involved?
Smashburger and its' customers.

What happened/is happening?
As consumer prices continue to soar by the most in four decades in January, food prices have borne the brunt of skyrocketing inflation — something Smashburger (and other food chains) have passed along to their customers. The food chain is combating by utilizing redundant vendors and global partners to ease supply chain constraints which, in turn, has helped curb price strains.

When did / will happen?
This has escalated with the pandemic over the last two years.

Where is this taking place?
Nationwide(U.S)

Why is this event happening?
Costs for basic food items like chicken, ground beef, and cream cheese have seen significant upswings since the start of the pandemic, rising 3.4% on an annual basis in 2020, and 3.9% in 2021. Due to this, inflation seems to be a raging and constant challenge for Smashburger to combat.

What do you think about it?
I think it is good that Smashburger has been strategic about handling this situation. They are really focusing on their supply chain, and making sure that they are managing freight costs to counteract the commodities as they continue to rise.

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With consumer prices soaring by the most in four decades in January, food prices have borne the brunt of skyrocketing inflation - something Smashburger and other food chains have passed along to their customers.

In a Yahoo Finance interview, Smashburger president Carl Bachmann cited inflation as "a challenge" for the fast-casual chain, but noted several strategies that have helped alleviate price pressures - and sticker shock for consumers.

"We've had to take some very small minor price increases, but we were very strategic about that. The key thing here is really focusing on your supply chain, and making sure that you're managing freight costs, and all of those little pieces of the puzzle behind the scenes to counteract the commodities as they continue to rise," he said.

Costs for basic food items like chicken, ground beef, and cream cheese have seen significant upswings since the start of the pandemic, rising 3.4% on an annual basis in 2020, and 3.9% in 2021 - a significant gain compared to 2019's 1.9% rise, according to the Consumer Price Index.

Bachmann explained that Smashburger has utilized redundant vendors and global partners to ease supply chain constraints which, in turn, has helped curb price strains.

"You've got to work harder at that in order to combat inflation, because there is a point where people won't pay. We want to make sure that we keep our guests happy," he continued.

So far, Bachmann said he's seen "slow" improvements when it comes to the overall supply chain, but that staffing issues still persist - a common phenomenon that the restaurant space knows all too well.

"Once our supply chain has better staffing, they are paying less overtime, they're not struggling for deliveries and I think that's the key," the executive said. He added that strength in the supply chain is "linear" and its impact can be felt all the way through frontline operations.

Since the latest decline in COVID-19 infections, Bachmann said Smashburger has seen a surge in foot traffic. He cited increased "pent-up demand" that only got better as Omicron infections waned, boosting in-dining experiences.

Yet, consistent growth has remained in delivery, a trend that Bachmann predicts is "here to stay," as well as drive-through expansion. Those trends have been accelerated by the pandemic, and most food chains are leaning into them.
Value Perception vs. Price Point

Despite a variety of challenges plaguing the industry, Bachmann stressed that the largest risk is neither labor, inflation nor the supply chain - but quality of taste.

"Fast casual operators don't realize how important food quality taste is - vibrant flavors, really making your product line exciting for the consumer," he told Yahoo Finance.

"I think people are more careful about where they buy, when they buy, and how they buy [but] if you're going to demand a certain price point, you really have to deliver on bold, vibrant flavors, and really be innovative," the executive explained.

Smashburger has leaned on digital transformations and third-party delivery companies to add to the overall customer experience - in addition to new menu offerings, like all-day breakfast at select locations and the Scorchin' Hot Crispy Chicken Sandwich, which sold out at multiple locations in just a few weeks

"During the pandemic, a lot of restaurants shrunk down their menus and and took that as as a direction to save costs. But we decided that was the time to really open up the doors and get exciting, vibrant, and bold flavors, and let people know that they're really getting value."

"It becomes a value perception piece more than a price point piece," he continued.
Alexandra is a Producer & Entertainment Correspondent at Yahoo Finance. Follow her on Twitter @alliecanal8193

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Smashburger warns on inflation: 'There's a point where people won't pay'

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With consumer prices soaring by the most in four decades in January, food prices have borne the brunt of skyrocketing inflation - something Smashburger and other food chains have passed along to their customers.

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U.S. Temporarily Bans Avocados From Mexico, Citing Threat

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U.S. Temporarily Bans Avocados From Mexico, Citing Threat

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Source: https://www.nytimes.com/2022/02/15/business/us-mexico-avocado-ban.html

What kind of News?
World, National, Local

- National

What economic issue does this article involve?

- It could be a recession and an Inflation.

Who is involved?

United States and Mexico

What happened/is happening?

United States decided to temporarily block all imports of avocados from Mexico after a verbal threat that was made to U.S. safety inspectors working in the country.

When did / will happen?

February 6-12th week, US banned avocados from Mexico.

Where is this taking place?

United States/Mexico

Why is this event happening?

Mexico made a verbal threat to United States, so United States is banning avocados from Mexico.

What do you think about it?

I honestly think it's a bad thing cause, when avocados go on stock again, the prices will increases leading to a decrease in demand. People won't make lots of money selling avocados and buyers will probably end up spending more money on it or no money and won't buy them at all.

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The move is a blow to the Mexican state of Michoacán, which exports roughly $3 billion worth of the fruit annually.

Mexico supplies about 80 percent of the avocados eaten in the United States. Credit... Celia Talbot Tobin for The New York Times

Whether smeared on toast, added to a salad or topping a burrito, the avocado has become a staple in the diets of many Americans.

But the creamy fruit could become more difficult to find. The United States decided late last week to temporarily block all imports of avocados from Mexico after a verbal threat was made to U.S. safety inspectors working in the country.

The suspension will "remain in place for as long as necessary to ensure the appropriate actions are taken, to secure the safety of APHIS personnel working in Mexico," the U.S. Department of Agriculture said in a statement, referring to the Animal and Plant Health Inspection Service.

In the United States, where 80 percent of the avocados consumed come from Mexico and the average price of $1.43 an avocado was already nearly 11 percent higher than a year ago, analysts said even a two-week ban could sharply reduce availability and further increase prices.

The move is a blow to the western state of Michoacán in Mexico, the only region approved in Mexico to send avocados to the United States. There, the green fruit is a big business, with annual exports totaling nearly $3 billion. The bulk of those avocados go to the United States.

While details of the threat to agency employees were not made public, the avocado industry has attracted interest in the past decade from the drug cartels in the region, which have become more fragmented and sought ways to diversify their illicit income streams.

"I had an interview with a cartel leader 10 years ago who was bragging about how much money he was making from avocados," said Falko Ernst, a Mexico analyst with the nonprofit International Crisis Group. "You've got a concentration of economic wealth in the region, and the possibility to siphon part of that off has acted as a magnet for these groups."

Mexican gangs are also being blamed for limiting lime production and shipments in order to drive up prices.

In a statement, the Association of Avocado Exporting Producers and Packers of Mexico, which represents 29,000 avocado farmers and 65 packing houses, said its board of directors had met to review security plans and protocols in order to continue to collaborate with Mexican and U.S. authorities and to resume exporting as soon as possible.

The U.S. ban came during one of the avocado's biggest events, the Super Bowl. And depending on how long it lasts, it could affect one of the industry's other big days, Cinco de Mayo.

In 1997, the U.S. began lifting a longstanding ban against Mexican avocados after weevils, scabs and other pests entered U.S. orchards from imported products.

Now, U.S. inspectors in Mexico play a crucial role in the expansion of Mexico's avocado market because they watch each step of the process - from the orchards to transportation systems to shipping areas - to make sure that the fruit imported to the United States is free from pests, said David Orden, a professor in the department of agricultural and applied economics at Virginia Tech.

"This was a nice story about how a group of agribusinessmen and farmers used scientific methods to reduce pest risk and allow trade to occur where there wouldn't normally be an opportunity," Mr. Orden said. "It was a nice story until the drug cartels got involved."

California, which supplies roughly 15 percent of the U.S. avocado market, simply cannot produce enough to meet demand from consumers nibbling on chips and guacamole and putting avocados in smoothies. The per capita annual consumption of avocados has grown to nine pounds, from four pounds in 2010, and could exceed 11 pounds in the next five years, according to analysts at RaboResearch.

The average price of an avocado in the United States is around $1.43, and prices were rising even before the recent ban. Credit... Linda Xiao for The New York Times. Food Stylist: Monica Pierini

The avocado industry has long benefited from clever marketing campaigns. In the 1980s, ads by the California Avocado Commission showed the actress Angie Dickinson in a white leotard, her legs stretching on forever, eating and extolling the diet and health benefits of the avocado. "Would this body lie to you?" she cooed.

But the big marketing push has come during the Super Bowl. Avocados From Mexico began airing quirky commercials in the past decade, one featuring the comedian Jon Lovitz's floating head and another with the 1980s actress Molly Ringwald as an infomercial host hawking pricey gear for your avocado, like a personal carrier or a yurt.

On Sunday, Avocados From Mexico aired its latest ad during the game. It featured ancient Roman tailgaters at the Colosseum noshing on guacamole and dancing. Reviews online were mixed.

Avocado farmers in the Michoacán region said even a ban that lasted a couple of months could have a huge negative impact on the local economy.

"The growing season basically ends in May, and if we lose a couple of months to sell, we'll end up with too much fruit to sell in two month's time," said Jose Humberto Solorzano Mendoza, a third-generation avocado grower who has created a digital platform for producers to share pricing information to improve transparency. "The produce will be worthless, and it will fall off the trees after May."

And a collapse in prices, he said, could lead to increased immigration from the area into the United States. "There are people who are living here because of the avocado," he said. "They make their living from that. If we don't have the avocado, they'll move on."

Mr. Ernst of the International Crisis Group said that if the "warning shot" of a temporary ban turned into something more long term, it would affect the economy and make it easier for the criminal enterprises to attract recruits.

"You have tens of thousands of hardworking, law-abiding families that depend on this industry," Mr. Ernst said. "If you take away their livelihoods, you play into the hands of the criminal groups."

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U.S. Temporarily Bans Avocados From Mexico, Citing Threat

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The move is a blow to the Mexican state of Michoacán, which exports roughly $3 billion worth of the fruit annually. Whether smeared on toast, added to a salad or topping a burrito, the avocado has become a staple in the diets of many Americans. But the creamy fruit could become more difficult to find.

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Source:
https://www.cnn.com/2022/01/07/business/gamestop-nft-marketplace/index.html

What kind of News?
National

What economic issue does this article involve?
NFTs are a growing market that has been increasing in popularity exponentially. With the involvment that a competitor like GameStop might start selling NFTs, the market for NFTs might shift in unpredictable ways

Who is involved?
GameStop as well as other well-known NFT companies like OpenSea and Axie Marketplace might get involved.

What happened/is happening?
The market for NFTs is growing every day and changing based on the consumer's choice to invest in an NFT. The introduction of a GameStop NFT might not only shift the customer base to invest in NFTs, but also might introduce a new wave of NFT enjoyers.

When did / will happen?
This was a reported rumor after the company GameStop jumped up 20% in shares recently

Where is this taking place?
NFTs are online so they can be accessed internationally.

Why is this event happening?
GameStop has had a few run-ins with crypto stunts like in 2021 where they were affected by the "meme stock". GameStop most likely want to jump on the bandwagon for NFTs due to being stable and growing and taking advantage of the popularity.

What do you think about it?
This is funny and will be even funnier when they fail because NFTs are a stupid scam but entertaining at best.

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gamestop shares jump 20% on report it will launch nft marketplace - cnn

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GameStop shares jump 20% on report it will launch NFT marketplace

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The calendar changed, but the roller coaster ride for GameStop's stock continues.

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Economy gained a surprise 467,000 jobs last month

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Economy gained a surprise 467,000 jobs last month

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Source:
https://www.nbcnews.com/business/economy/economy-gained-surprise-467000-jobs-last-month-rcna14621

What kind of News?
National.

What economic issue does this article involve?
Labor.

Who is involved?
Joe Biden sharing his opinion, as well as the people that these jobs will affect.

What happened/is happening?
Our economy gained a surprising amount of jobs which diminished the unemployment rate by .1 percent.

When did / will happen?
This was recorded approximately last month.

Where is this taking place?
This is taking place in the United States.

Why is this event happening?
This is happening because of the coronavirus. and having more people willing to work and make money in a time where they have to.

What do you think about it?
It's great to hear that the number of jobs are increasing.

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The economy gained a surprise 467,000 jobs in January, and the unemployment ratestayed relatively flat, rising slightly to 4 percent from 3.9 percent, according to Friday's monthly employment report from the Bureau of Labor Statistics.

The report also revised the number of jobs added in December, which had previously been reported as 199,000. The actual number was 510,000.

"America is back to work," President Joe Biden said in remarks delivered from the White House Friday morning. Citing "the strongest economic growth in nearly 40 years," Biden said: "We have the tools to sustain this historic economic comeback."

"Making sure every American has a job is a great start, but it's not the finish," Biden said.

The numbers suggested there was more resilience in the economy than had been predicted, despite the effects of the omicron variant on public health: Economists' expectations had varied wildly, with some predicting a gain of 150,000 jobs, while others projected a loss of as many as 400,000 positions.

"This unemployment report is incredible," tweeted Julia Pollak, labor economist for the hiring site ZipRecruiter. "Had the prior relationship between Covid cases and employment held true, 800k daily new Covid cases would have led to 2.3 million job losses. Instead, we saw 467,000 job gains!"

Job growth was strongest in the leisure and hospitality sectors, as well as in professional business services, retail trade and the transportation and warehouse sector.

Leisure and hospitality added 151,000 jobs in January, with 108,000 added in food services and drinking places and 23,000 in accommodations. Americans' comfort with dining out has stayed relatively flat for the past three weeks, according to a Morning Consult survey, showing the modest impact omicron has had on the economy compared to previous surges.

Professional and business services added 86,000 jobs in the past month, led by gains in temporary help services as employers increasingly lean on temp agencies to fill open jobs in a tight labor market and hedge their bets against further turns in the course of the virus.

Health care employment trended up by 18,000, but the industry is still down by 378,000 workers since before the pandemic. Teaching remains understaffed, with just 29,000 jobs added in January, still down 359,000 from February 2020. Manufacturing and retail both saw a slight increase.

The report came two days after a report on private-sector payrolls found a loss of 301,000 jobs for the month, and one week after the White House took the highly unusual step of warning the nation to be prepared for a jobs report that "could look a little strange."

"If you think about omicron in early January, and the impact it was having in terms of the number of people who were out sick, we do expect there to be some real variation in the data," National Economic Council Director Brian Deese told CNBC last Friday.

Weekly initial jobless claims data released Thursday showed a drop of 23,000, to 238,000, the second straight week of declines - but those decreases followed an upward creep that had been brewing for weeks.

With its transmissibility and ability to evade vaccines - plus the millions of Americans who remain unvaccinated - the fast-moving omicron variant swept through chunks of the economy, bringing restaurants, Broadway plays, in-person schooling and other activities to an abrupt halt as people temporarily dropped out of the workforce because they were stuck at home sick, or caring for ill family members or children whose school or day care routines had been disrupted.

"We have several million people out," said Brad McMillan, chief investment officer for Commonwealth Financial Network. "I don't think it's a sign of economic weakness. I think it's a sign of the omicron spread."

A large amount of the data the BLS amasses for the monthly jobs report is collected around the 12th of each month - which, in January, happened to be when omicron was hitting its peak, still circulating in early-outbreak centers like New York while on the rise in many other parts of the country.

A large amount of the data used for the jobs report was collected when omicron was hitting its peak.

In advance of the Friday release, economists had warned that predicting the month's numbers with any degree of precision would be an exercise in futility.

"We have no reliable way to estimate the scale of the damage due both to the temporary drop in demand for discretionary services and employee absence due to illness," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a recent research note.

"Covid has clearly created an environment where economists have struggled to come in some cases even remotely close to the actual number," said Mark Heppenstall, president and chief investment officer at Penn Mutual Asset Management.

"It does seem as though people are feeling more comfortable about going out, going to restaurants. ... I would say that's all very good news," Heppenstall said, but he acknowledged that if the world has learned one thing over the past two years, it is that the pandemic could always have another trick up its sleeve.

"There's always news, it seems, about the next variant that may be around the corner," he said. "If there were to be another variant where the severity would be worse, that would be something I'd think would potentially set us back with regard to moving towards a full reopening. Hopefully that isn't going to be the case, but trying to predict Covid and the various twists and turns ... has been pretty tricky."

Wall Street reacted immediately to the report, with all three indexes shifting slightly lower on expectations that a robust economy means that the Federal Reserve, which has already started to pull back on its "easy money" policy, could raise interest rates at an even faster clip.

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Economy gained a surprise 467,000 jobs last month

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The economy gained a surprise 467,000 jobs in January, and the unemployment ratestayed relatively flat, rising slightly to 4 percent from 3.9 percent, according to Friday's monthly employment report from the Bureau of Labor Statistics. The report also revised the number of jobs added in December, which had previously been reported as 199,000.

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South Korea's strong economic performance faces post-pandemic challenges

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South Korea's strong economic performance faces post-pandemic challenges

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Source: https://www.eastasiaforum.org/2022/02/04/south-koreas-strong-economic-performance-faces-post-pandemic-challenges/

What kind of News?
World

What economic issue does this article involve?
Global Supply Chains

Who is involved?
South Korea

What happened/is happening?
South Korea must now navigate a slowdown in exports and rising inflationary pressures to maintain economic growth in 2022.

When did/will happen?
Seoul was able to minimize the initial economic damage of the pandemic and saw a relatively strong economic recovery in 2021.

Where is this taking place?
Seoul, South Korea

Why is this event happening?
The OECD (Organization for Economic Co-operation and Development) expects South Korea's GDP growth to slow to 3 percent in 2022, raising questions about the future of Soth Korea's economic recovery in the face of Omicron and other new variants.

What do you think about it?
I think that their ability to reduce COVID-19 related measures while navigating inflationary pressures and likely slowdown exports will be key to South Korea's ability to maintain strong economic growth in 2022.

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Author: Troy Stangarone, Korea Economic Institute of America

South Korea's economic performance since 2020 cannot be divorced from its handling of COVID-19 and its role in global supply chains. After winning praise for its handling of the pandemic, Seoul was able to minimise the initial economic damage of the pandemic and saw a relatively strong economic recovery in 2021. South Korea must now navigate a slowdown in exports and rising inflationary pressures to maintain economic growth in 2022.

South Korea weathered the first year of the pandemic through a combination of fiscal and monetary stimulus, strong second-half export growth, and its use of contact tracing to manage the pandemic domestically. It experienced a modest 0.9 per cent GDP decline in 2020 and had returned to pre-pandemic levels of economic activity by May 2021.

Trade was important for minimising South Korea's economic damage in 2020. Despite ongoing global supply chain disruptions, South Korea's economic recovery has benefitted from a surge in demand for consumer durables during the pandemic. Its position as a global leader in semiconductors and consumer electronics enabled it to capitalise on this surge in demand. It also experienced a surge in exports of pandemic-related medical supplies, in part thanks to its pandemic successes.

South Korea continued to benefit from strong global demand in 2021. Exports expanded by 25.7 per cent for the year and reached a record high of US$644.4 billion. Sustained global demand for semiconductors helped to support growth in chip exports (31.8 per cent), alongside strong growth in exports of plastics (37 per cent), mineral fuels (57.3 per cent) and passenger vehicles (24.4 per cent). The strong growth in exports, along with facilities investment and a rebound in domestic consumption, helped South Korea's GDP grow by 4 per cent.

Despite South Korea's relatively strong recovery, its overall economic performance remains below pre-pandemic expectations. The OECD expects South Korea's GDP growth to slow to 3 per cent in 2022, raising questions about the future of South Korea's economic recovery in the face of Omicron and other new variants.

The pandemic has continued to create uncertainty for parts of the services sector. While South Korea's usage of contact tracing mitigated COVID-19 cases and deaths, it was slow to adopt a vaccination program. By mid-July of 2021, only 11.6 per cent of the South Korean population was fully vaccinated. In contrast, 56.2 per cent of the US and 70 per cent of the EU adult population had been fully vaccinated at that time. These figures shifted drastically by the end of 2021, with 82.9 per cent of South Koreans becoming fully vaccinated, ahead of most European nations and the United States.

With vaccination rates up at the beginning of November, South Korea began a three-stage plan to lift COVID-19 restrictions and transition to a policy of 'living with COVID'. But rising infections, deaths, and a strain on medical facilities forced the government to announce the return of strict COVID-19 protocols in mid-December.

COVID-19 restrictions have suppressed private consumption and negatively impacted employment in the service sector, especially for women. While official statistics indicate that total employment had reached pre-crisis levels by September 2020 and employment for women improved in 2021, Korean women are more likely to be temporary workers and account for the majority of employment in sectors such as transportation, food and accommodation. These industries continue to face uncertainty from the pandemic.

Global trade is beginning to slow. The WTO's Goods Trade Barometer suggests that global merchandise trade growth will likely return to pre-pandemic levels after growing by 10.8 per cent in 2021. Slowing demand for durable goods may place further pressure on the return to normal in the services sector needed to maintain economic growth.

South Korea's economy also faces risks from growing inflation caused by demand for consumer durables and bottlenecks in supply chains in developed economies. While the level of inflation has been low in South Korea, the Bank of Korea indicated that consumer price inflation rose above three per cent at the end of the year and finished at 2.5 per cent for the full year. Inflation is expected to remain above three per cent for an extended period.

Despite relatively low inflation compared to the United States and Europe, the Bank of Korea began normalising monetary policy in August when it raised interest rates in response to rising housing prices and growing household debt. It followed with a second rate increase in November and is expected to continue raising rates in 2022.

While South Korea's economy has performed well during the pandemic, COVID-19 continues to impact economic growth. The ability of the Moon administration and its successor to reduce COVID-19 related measures, while navigating inflationary pressures and a likely slowdown in exports, will be key to South Korea's ability to maintain strong economic growth in 2022.
Troy Stangarone is Senior Director and Fellow at the Korea Economic Institute of America. The views expressed here are solely those of the author alone and do not reflect the views of the Korea Economic Institute of America.

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South Korea's strong economic performance faces post-pandemic challenges | East Asia Forum

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South Korea must confront a slowdown in exports and rising inflationary pressures to maintain economic growth in 2022.

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Toilet Paper Shortages, Empty Shelves, And Panic Buying: Just How Bad Was Grocery Service In 2020?

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Toilet Paper Shortages, Empty Shelves, And Panic Buying: Just How Bad Was Grocery Service In 2020?

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Source: https://www.forbes.com/sites/stevebanker/2021/10/01/toilet-paper-shortages-empty-shelves-and-panic-buying-just-how-bad-was-grocery-service-in-2020/?sh=1d46537f7b1a

What kind of News?
National

What economic issue does this article involve?
Supply and Demand, Scarcity, and Labor

Who is involved?
Manufacturers, companies, individuals, and the government

What happened/is happening?
The topic I chose is related to our study of supply and demand.  Toilet paper is a necessity for everyone and according to the article, Americans use it the most. The demand for this product increases because people don't want to keep leaving their houses due to Covid. There had been a huge shortage all across the country so stores now are buying foreign toilet paper to replace the ones we always buy. Instead of common brands like Charmin, the U.S is importing brands like Delsey. The U.S had to import foreign toilet paper to keep up with the demand and these products are now on the shelves of U.S stores. U.S manufacturers are also supplying less of the many varieties of toilet paper, for example, the sheets that are made from aloe vera. Companies are only focusing on bringing their toilet paper to stores quicker so they only are providing basic items. This tells us that the supply of certain toilet paper is going down but the overall demand for the goods is increasing.

When did / will happen?
It would cause a riot among the people due to the scarcity. As a result, these retailers, such as CVS, Safeway, 7-Eleven, are carrying international brands. As for the manufacturers, the local manufacturers will face competition and the foreign manufacturers have a chance to enter U.S. markets as the economy is rather weak at the moment. Finally, for the importers, toilet paper is inexpensive and takes up a lot of space, making it not worth the cost of importing it. They would only just help the shortage.

Where is this taking place?
This is taking place in all local grocery stores across the United States.

Why is this event happening?
As we know, the pandemic really hit our economy hard and many items are going out of stock.

What do you think about it?
I expected this overall news because I knew the demand for toilet paper was increasing and the United States might not be able to produce the supply that was needed. Also, I expected most of America’s toilet paper to be manufactured here because of its cheapness. I found it surprising that many people were still picky with their toilet paper companies even during a pandemic because I assumed that you would just take whatever you can find. Although many people did this, some only bought the toilet paper that they are used to.

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Dramatically Reduced Service Since the Pandemic was Declared
E2open

To say that the pandemic made 2020 a very challenging year would be a gross understatement. Because of service disruptions - not being able to buy toilet paper, for example - the supply chain has been more discussed than ever before. It was also a very, very tough year for supply chain professionals working in the grocery supply chain.

But just how bad was it? And how can consumer goods companies learn from their performance in this pandemic to prepare for the future? A study by E2open - the 2021 Forecasting and Inventory Benchmark Study: Supply Chain Performance During the Covid-19 Pandemic - provides the answers.

I look forward to this study every year. Benchmarking the forecasting process is difficult. E2open has come up with an innovative way of doing this. The company provides demand and inventory planning solutions based on a public cloud architecture. They provide these solutions to some of the largest consumer goods and food & beverage companies in the world. Because of this architecture, E2open can access, aggregate, and anonymize the data across their customer base. They can then use the data to provide an apples-to-apples benchmark on a variety of innovative supply chain metrics applicable to the grocery supply chain.

Forecasting Accuracy Was Terrible

The study shows delivering good service to grocery chains has never been harder. During the early months of the pandemic, demand planning error jumped to 59%, up 14% from the pre-pandemic error rate of 45%. "Traditional forecasting," the study pointed out, "is based on the presumption that history repeats itself. Even in the best of times, this method has limitations. During the pandemic, it completely failed. For companies trying to predict demand in March of 2020 as the world was descending into lockdown and everything was being turned upside down, what happened in March of 2019 had little to no relevance. The pandemic created seismic changes in consumer behavior."

Panic buying exacerbated the problem. As shelves emptied at the beginning of the pandemic, consumers were less picky about their preferences. They searched for any product in a category they could get their hands on. This meant that slow moving items in a product category got snapped up, and the forecast for these items was significantly too low.

"While supply chains are flexible in nature and designed to adapt to deviations from the plan," the study points out, "instances of 'extreme error' - where forecasts exceed or fall short of sales by two times or more - are the most costly and disruptive to businesses." These extreme error events "are the supply chain equivalent of the highway washout or bridge closure." These are events that are extremely costly to deal with or represent huge losses in potential revenue. During the pandemic, extreme error events rose to 38%. Pre-pandemic that number was 27%.

No matter what kind of demand planning solution was used, forecasting accuracy dropped. But if there was any silver lining it was that companies that made use of planning systems that combined demand sensing - the use of multiple, real-time signals (like sales in a particular store or shipments from a retailer's warehouses to their stores) - and machine learning, had significantly less error. Demand sensing solutions, as defined in this report, produce daily forecasts that reflect current market realities, so it should not be surprising these forecasting solutions perform better when uncertainty increases.

Service Plummets to Historic Lows

During the onset of the pandemic - the months after March when nations were locking down their borders - service dropped to 83%. That is an all-time low. For multinational consumer goods and food & beverage companies, service is typically 99%. Service is calculated as the difference between orders and shipments, divided by shipments. In other words, if manufacturers cannot deliver everything that retailers are ordering, then there is a service failure.

By June, service levels had bounced back to 86%. For the rest of 2020, service levels stayed at 86%. While that was an improvement, it was still much worse than the historic baseline 99% service levels. Not surprisingly, safety stock - inventory buffers used to protect against demand variability and supply disruptions - increased by 4% to deal with the volatility caused by the pandemic.

Despite Service Disruptions, Revenues Grew

For the most part, the companies participating in this study manufacture goods that end up in grocery stores. Because many consumers began working at home and greatly curtailed dining out and traveling, demand for grocery goods soared. The result was the largest sales growth in the ten-year history of this study. However, there were unrealized revenue opportunities for the manufacturers. Sales could have been even higher if service had been better. The math is simple, a 13% reduction in service over the course of a year translates to a 13% drop in sales.

The multinationals participating in this study also took steps to maximize revenues during a very difficult operating environment. Service for fast movers - the products that are their key money makers - would have been even worse if not for a shift in strategy. There was a shift from "'growth through innovation' to 'growth through efficiency.' Historically, manufacturers of fast-moving consumer goods stimulate demand through a steady stream of introductions, with roughly one-third of items being replaced each year. 2020 was different. It was a time of need, and demand for essential goods was high. The challenge for companies was less about creating new demand than filling orders for existing demand. In response, manufacturers adopted strategies to maximize production efficiencies, cutting the rate of introductions in half to focus on existing products trusted by consumers. Furthermore, priority shifted to higher-volume items to reduce changeovers and maximize output. The rapid change in strategy to focus on efficiency and assure supply in this time of need reflects strong corporate commitment to social responsibility."

Final Thoughts

Supply chain management is not getting any easier. Executives will have to deal with supply chain turmoil caused by new virus variants, global warming, increasing geopolitical pressures, the rise of populism, cyber-attacks, terrorism, or other yet unknown crises.

Understanding what happened during the pandemic helps leaders prepare for other large-scale disruptions in the future. Metrics - like forecastability, extreme undersell error, extreme oversell error, or forecast value-added - help a company understand how their supply chain performed during the single largest disruption in modern history. Understanding these inventory and forecasting metrics, and what moves them, can help companies serve their customers better while incurring lower costs or higher revenues.

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Toilet Paper Shortages, Empty Shelves, And Panic Buying: Just How Bad Was Grocery Service In 2020?

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To say that the pandemic made 2020 a very challenging year would be a gross understatement. Because of service disruptions - not being able to buy toilet paper, for example - the supply chain has been more discussed than ever before. It was also a very, very tough year for supply chain professionals working in the grocery supply chain.

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Lionel Messi Barcelona F.C Contract Issues 

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Lionel Messi Barcelona F.C Contract Issues 

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Source: The Guardian

What kind of News?
National

What economic issue does this article involve?
Financial breakdown of a large contract which caused F.C Barcelona to be financially unstable and unable to sign their star player Lionel Messi.

Who is involved?
Lionel Messi & F.C Barcelona.

What happened/is happening?
This issue involves Lionel Messi, the best soccer player of all time next to Cristiano Ronaldo of Manchester United. In short, Lionel Messi wanted to resign for F.C Barcelona with one year left on his four-year, $675-million contract, unfortunately the club was unable to resign him due to financial issues of the club having little to no money left. This caused massive waves of players leaving Barcelona which impacted them financially and leaving them with no fans and low ticket sales. Afterwards he signed for Paris Saint Germain(PSG) which allowed PSG to gain large sums of money from jersey sales and ticket sales just to watch him. This situation has benefited PSG financially and now, PSG are the valuable club in the French League ,Ligue 1.

When did / will happen?
Later Summer of 2021.

Where is this taking place?
Barcelona, Spain and Paris, France

Why is this event happening? It's happening due to the lack of money Barcelona has and the lack of a good manager and owner.

What do you think about it? I'm not the biggest fan of the situation as I wanted him to sign for Barcelona.

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Inflation surges 7.5% on an annual basis, even more than expected and highest since 1982

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Inflation surges 7.5% on an annual basis, even more than expected and highest since 1982

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Source: https://www.cnbc.com/2022/02/10/january-2022-cpi-inflation-rises-7point5percent-over-the-past-year-even-more-than-expected.html

What kind of News?
National

What economic issue does this article involve?
Drastic inflation within the United States

Who is involved?
Consumers, businesses
What happened/is happening?
The consumer price index for all items rose 0.6% in January, driving up annual inflation by 7.5%. That was the biggest gain since February of 1982.

When did / will happen?
This has been reported as of January of 2022

Where is this taking place?
All across the United States

Why is this event happening?
A broken supply chain because COVID has disrupted the supply and also created a high unemployment rate.

What do you think about it?
I think that it is very unfortunate as  consumers are literally paying the price and many household essentials are slowly becoming luxuries that many cannot afford.

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Consumer prices surged more than expected over the past 12 months, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.

The consumer price index for January, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared with a year ago, the Labor Department reported Thursday.

That compared with Dow Jones estimates of 7.2% for the closely watched inflation gauge. It was the highest reading since February 1982.

Stripping out volatile gas and grocery costs, the CPI increased 6%, compared with the estimate of 5.9%. Core inflation rose at its fastest level since August 1982.

The monthly CPI rates also came in hotter than expected, with headline and core CPI both rising 0.6%, compared with the estimates for a 0.4% increase by both measures.

Stock market futures declined following the report, with rate-sensitive tech stocks hit especially hard. Government bond yields rose sharply, with the benchmark 10-year Treasury note touching 2%, its highest since August 2019.

Markets also got more aggressive in pricing rate hikes ahead.

The chances of a 0.5 percentage point Fed rate increase in March rose to 44.3% following the data release, compared with 25% just before, according to CME data. Chances of a sixth quarter-percentage point hike this year rose to about 63%, compared with about 53% before the release.

"With another surprise jump in inflation in January, markets continue to be concerned about an aggressive Fed," said Barry Gilbert, asset allocation strategist at LPL Financial. "While things may start getting better from here, market anxiety about potential Fed overtightening won't go away until there are clear signs inflation is coming under control."

The inflation numbers come at a crossroads for the U.S. economy, with 2021's rapid growth pace expected to slow this year as fiscal and monetary stimulus fades. Growth is still expected to be above trend, though sharper rate increases from an inflation-fighting Fed could prove troublesome.

On a percentage basis, fuel oil rose the most in January, surging 9.5% as part of a 46.5% year-over-year increase. Energy costs overall were up 0.9% for the month and 27% on the year.

Vehicle costs, which have been one of the biggest inflation contributors since they began surging higher in the spring of 2021, were flat for new models and up 1.5% for used cars and trucks in January. The two categories have posted respective increases of 12.2% and 40.5% over the past 12 months.

Shelter costs, which make up about one-third of the total CPI number, increased 0.3% on the month, which is the smallest gain since August 2021 and slightly below December's rise. Still, the category is up 4.4% over the past year and could keep inflation readings elevated in the future.

Food costs jumped 0.9% for the month and are up 7% over the past year.

That combination of higher food and housing prices "underlines our view that a rapid cyclical acceleration in inflation is underway and, with labor market conditions exceptionally tight, it is unlikely to abate any time soon," wrote Andrew Hunter, senior U.S. economist at Capital Economics.

"While we still expect more favorable base effects and a partial easing of supply shortages to push core inflation lower this year, this suggests it will remain well above the Fed's target for some time," he added.

The burst in inflation has muted the sizeable earnings growth workers have seen. Real average hourly earnings rose just 0.1% for the month, as the 0.7% monthly gain in wages was almost completely wiped out by the 0.6% inflation gain.

A separate report Thursday showed that weekly jobless claims totaled 223,000 for the week ended Feb. 5, a decline of 16,000 from the previous week and below the 230,000 estimate. It was the lowest total since Jan. 1.

Continuing claims, which run a week behind, held at 1.62 million. The total of those receiving benefits under all programs rose slightly to about 2.1 million, according to Labor Department data through Jan. 22.

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Inflation surges 7.5% on an annual basis, even more than expected and highest since 1982

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Consumer prices surged more than expected over the past 12 months, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year. The consumer price index for January, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared with a year ago, the Labor Department reported Thursday.

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Source:
https://www.bbc.com/news/business-60135905

What kind of News?
World

What economic issue does this article involve?
the shortage of chips has resulted in huge disruptions for major industries around the globe. a majority of industries use chips, so everyone economy has been affected negatively

Who is involved?
the entire world

What happened/is happening?
most chips come from china, but for some reason, they're having trouble distributing them around.

When did / will happen?
it's happening right now. it's slowly getting better, but still an issue

Where is this taking place?
around the entire globe

Why is this event happening?
because China is unable to distribute the chips in a timely manner.

What do you think about it
I think they need to get it together and start making more chips and send them out before everyone's economy suffers.

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Source:

What kind of News?
National

What economic issue does this article involve?
It impacts the supply of medical equipment when it is in high demand.

Who is involved?
People in the US, Covid patients, Doctors/nurses.

What happened/is happening?
There is a short supply in personal safety equipment.

When did / will happen?
Currently still happening.

Where is this taking place?
In the U.S.

Why is this event happening?
Covid was not predicted so places didn't have masks and hand sanitizer.

What do you think about it?
I think that it was unavoidable.

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The great graphics card shortage of 2021 (and 2022)

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The great graphics card shortage of 2021 (and 2022)

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Source:
British Broadcasting Network

What kind of News?
World news as it is affecting the entire world and economy. It is extremely difficult to purchase a GPU in any market of the world right now.

What economic issue does this article involve?
As the covid-19 pandemic forced millions of people to stay and work from home many people resorted to gaming and crypto mining which GPUs are perfect for. There is more demand than there is supply and therefore this is a shortage in the economy which is not good for suppliers.

Who is involved?
There are a lot of parties involved in this case such as gamers, crypto miners, GPU manufacturing companies, retail companies, etc.

What happened/is happening?
This issue is still happening in the world right now, there is a GPU shortage as suppliers are struggling to meet demand. Currently there is a chip shortage which is affecting the whole manufacturing industry and supply of raw materials is difficult to acquire due to the pandemic.

When did / will happen?
Since this GPU shortage has been happening for about a year now, Manufacturers are very slowly starting to recover from the shortage and start producing more GPUs and chips for the sale to customers. Prices are still skyrocketing but we are starting to recover from the pandemic which has helped us produce more quantity. I believe that in the near future we are heading towards normality and regular prices & supply will be available to the general public.

Where is this taking place?
This issue is currently affecting the whole world right now as everyone wishes to have a high power GPU to use for gaming or mining crypto and there is a major supply shortage and chip shortage due to the pandemic. Predominant countries where it is in high effect are the US, Canada, and the UK.

Why is this event happening?
The GPU shortage is happening because there is an ongoing global chip shortage. Silicon semiconductor chips are the primary  missing ingredient required for GPU production. Without these chips, these GPUs are impossible to produce.

What do you think about it?
This is a major disappointment to anyone that wishes to enter the gaming industry or mining industry. They are unable to purchase these products due to the shortage and huge price increase. This shortage is also affecting the vehicle industry as used and new cars have increased significantly in price over the last year. I hope it ends quickly so prices and supply can be back to normal.

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Source:

What kind of News?
World, National, Local

What economic issue does this article involve?

Who is involved?

What happened/is happening?

When did / will happen?

Where is this taking place?

Why is this event happening?

What do you think about it?