NEWS

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Palomar Press Briefing | January 19, 2022



 INDUSTRY NEWS

January 19, 2022

 

U.S. INFLATION HIT 7% IN DECEMBER, FASTEST PACE SINCE 1982

U.S. inflation hit its fastest pace in nearly four decades last year as pandemic-related supply and demand imbalances, along with stimulus intended to shore up the economy, pushed prices up at 7% annual rate.

TWO SOUTHEASTERN PORT CITIES LEAD NATION IN INDUSTRIAL CONSTRUCTION INTENSITY

The ongoing shift to e-commerce, an influx of imports as consumer spending on durable goods surges, and the growth of automotive and machinery manufacturing in the Southeast have combined to lead to the exceptional expansion of industrial space in two Southeastern port cities.

SALESFORCE: U.S. ONLINE HOLIDAY SALES PASS $250 BILLION IN 2021

Salesforce data shows a further acceleration in digital shopping adoption for the 2021 holiday season. In 2021, online holiday sales across November and December rose 5% year-over-year worldwide to $1.14 trillion and 9% in the U.S. to $257 billion, according to Salesforce.

VISA’S U.S. SPENDING MOMENTUM INDEX CLOSES ON HIGH NOTE IN DECEMBER

Consumer spending ended the year on a strong note. The Visa U.S. Spending MomentumIndex (SMI) was 108.4 in December, its strongest reading for the month since the start of the index. For the last three months of the year, the index was 110.3, also a high for the fourth quarter.

U.S. GROCERY SHORTAGES DEEPEN AS PANDEMIC DRIES SUPPLIES

High demand for groceries combined with soaring freight costs and Omicron-related labor shortages are creating a new round of backlogs at processed food and fresh produce companies, leading to empty supermarket shelves at major retailers across the United States.

NRF: HOLIDAY SALES RISE 14% TO BEAT FORECAST; APPAREL SALES UP 33%

The retail industry closed out the year with a record holiday season that included double-digit year-over-year growth in most categories. Retail sales from November 1 through December 31 grew 14.1% over 2020 to $886.7 billion, according to the National Retail Federation.

 

 

 

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