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All of the holiday bakers out there might want to stock up on butteran essential ingredient in many delicious recipes, as there is currently a major shortage.
According to The Wall Street Journalbutter availability is at its lowest since 2017, and the shortage is due to issues with staffing and limited milk production.
As is always the case with supply and demand, this has caused the price to go up. The Wall Street Journal reported that the price has increased by over 24.6% in the past year.
A United States Department of Agriculture (USDA) Dairy Market News report also describes the rise in demand across the country.
It says, “In the Northeast, retail butter demand is picking up, but tight inventories are causing some producers to regulate supplies across existing orders…In the Midwest, butter demand is currently outpacing supplies.”
Along with butter, the price of groceries overall has
Employers seem poised to pull back on the normal rush of seasonal hiring, which experts say is another warning bell for a possible recession.
“We’ve not seen the normal September uptick in companies posting for temporary help,” said Julia Pollak, chief economist for ZipRecruiter. “Companies are hanging back and waiting to see what conditions hold.”
The “conditions” refer to the state of the economy and consumer spending, both of which have held up relatively well. Unemployment remains low. Retail sales ticked up in August, as falling gas prices put more cash in household wallets.
But with food prices rising and the Federal Reserve hiking interest rates at a breathtaking pace, economists are growing concerned about how strong the holiday shopping season might be. And that has many retailers nervous about how much inventory – and extra staff – they should bring in for the season.