MH Daily Bulletin: December 27

December 27, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
  • M. Holland will be closed Monday, Jan. 2 for the New Year’s holiday.

Supply

Supply Chain

Domestic Markets

  • The daily average for new COVID-19 cases rose to 69,623 last week from 65,067 the week before, while average fatalities increased to 422 from 386. Daily average cases are up 24% in the past two weeks. 
  • Some U.S. schools are reinstating mask mandates or canceling classes as COVID-19 cases among students and staff spike around winter break.
  • U.S. life expectancy fell to 76.4 years in 2021, a 26-year low largely due to COVID-19, the CDC said. Meanwhile, the nation’s population grew 0.4% this year, continuing a streak of historically slow growth suppressed by the pandemic.
  • Congress gave final approval to a $1.66 trillion funding bill about an hour before deadline on Friday, avoiding a government shutdown.
  • U.S. consumer spending rose 0.1% in November, a pullback from the robust 0.9% increase in October:
United States Personal Spending
  • The Federal Reserve’s preferred gauge of inflation rose 5.5% in November from a year earlier, the slowest pace in over a year:
United States PCE Price Index Annual Change
  • Orders for U.S. manufactured goods sank 2.1% in November, one of the sharpest decreases since the beginning of the pandemic in another sign of slackening demand, new data shows:
United States Durable Goods Orders
  • The one-year inflation outlook among consumers fell to 4.4% this month from 4.9% in November, the lowest in 18 months, according to the University of Michigan.
  • U.S. retail sales rose 7.6% between Nov. 1 and Dec. 24 as steep holiday discounts lured deal-hungry customers, according to Mastercard.
  • Over $760 million in retail purchases were returned in 2021, new data shows, up from $309 million in 2020.
  • Midwest egg prices hit a record $5.36 a dozen this month, up 30% year-to-date, as an avian-flu outbreak shrinks flocks across the U.S.
  • U.S. restaurant employment is only about 2.1% down from pre-pandemic levels, new data shows.
  • Sales of new single-family homes rose for a second month in November as Americans took advantage of a retreat in mortgage rates, even as the overall housing market remained depressed. The number of U.S. homes for sale is down 29% nationwide in the five years that ended in October.
  • AT&T and investment giant BlackRock are forming a joint venture to operate a U.S. fiber-optic platform, the companies announced.
  • Congress passed new legislation to expedite the timeline for kicking Chinese companies off the New York Stock Exchange and Nasdaq if Washington regulators can’t fully review their audit work papers.

International Markets

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