Sales of sugary drinks fell in five U.S. cities, after they implemented taxes targeting those drinks. On average, prices for sugar-sweetened drinks went up by 33.1% and total expenditure went down by 33%. Expenditure on sugary drinks outside of these cities increased.—npr.org
Category: Economics in the News-Micro
New York Rings in the New Year With a Pay Bump for Minimum-Wage Workers
The minimum wage rose to $16 in New York City and in the rest of the state the new minimum wage is $15. This recent pay bump is part of an agreement made last year between the Governor and the state Legislature, over the objections of some employers.—apnews.com
Potato Volume Up, Price Down for Holidays
A beautiful, early spring means that plenty of potatoes are available for holiday repasts this year with favorable prices for consumers. Unlike 2022, potato farmers did not experience any weather disruptions this year.—thepacker.com
Maersk Cuts 10,000 Jobs as Shipping Demand Falls
Maersk already cut 6,500 jobs earlier this year, but the firm says worsening prices for shipping by sea require further job cuts. The Entertainer Toy company, which engages Maersk to ship its freight has seen prices fall from $18,000 per container last year to $2,000 today.—bbc.com
Auto CEOs Make 300 Times What Workers Make. How That Stacks Up
The ratio of automakers’ CEO’s pay to the median autoworker’s pay equals 300. Industries that employ highly skilled and well-compensated workers have relatively low pay ratios. Industries with many low-wage workers have relatively high pay ratios.—wsj.com
Footwear Prices Rise at Fastest Rate in 5 Months
In September, women’s footwear prices rose 2.1 percent and kid’s footwear prices rose 1.1 percent. That was offset by a decline in men’s footwear prices, which were down 1 percent.—footwearnews.com
Pure Price-Gouging
Danaher Corp. holds a virtual monopoly on single-use test cartridges for TB infection. An independent analysis says the cost of a cartridge ranges from $3 to $4.50, but Danaher charges a price between $10 and $15, a markup of up to 400 percent. It's pure price gouging.—cbc.ca
Robots are Pouring Drinks in Vegas
Check-in kiosks have replaced people at hotel front desks. Robots serve food and pour drinks. Technology won’t eliminate all jobs, but people need to move to occupations that are more highly skilled. —npr.org
Chocolate Makers’ Prospects Sour as Cocoa Prices Spike
The chocolate industry has enjoyed bumper profits and higher prices recently, but retailers are starting to push back on high-quality chocolate producers. Consumers are looking for deals, and lower priced 'private label' chocolate is picking up market share. Now cocoa prices are rising as cocoa producers face ongoing drought and disease.—reuters.com
U.K. Alcohol Tax Changes
The U.K. government announced last week that alcoholic beverages will now be taxed based on their alcohol-by-volume (ABV) level. While most wines and spirits will rise in price, prices will fall on drinks with lower alcoholic percentages, as well as most sparkling wine.—theguaridan.com