Consumer spending has remained resilient as the top 10% of earners accounted for roughly 50% of consumer spending in the third quarter. But one of the “luxury” goods they are spending it on is simple mixture of salt and cream.
Thousands of grocery stores around the country rely on customers who pay with SNAP benefits. Some could close because of cuts Congress just approved to the food assistance program.
Drought conditions in parts of the South and Midwest have caused ranchers to shrink cattle herds. That’s one factor pushing cattle prices higher recently.