New data from the U.S. Bureau of Labor Statistics shows food service sales lagged the pace of broader economic recovery in June. Total retail sales increased 7.5 percent from the prior month and marked a 1.1 percent increase from June 2019. Conversely, food service sales increased 20 percent from May as states eased lockdown requirements and vacationing started over Memorial Day weekend. However, food service sales are still down 26 percent from June 2019. Grocery store sales fell 1.5 percent from May as consumer stockpiling eased and high meat prices curtailed consumption but remained 11.6 percent above year-ago levels.
Relevant for WPI clients is the implication that meat packers will continue to focus on producing products for the gro...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
