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NWQWM Morning Financial Report

The number of Americans who signed up for unemployment benefits rose last week to the highest level since November, though the U.S. job market continues to show signs of strength.  Applications for jobless aid climbed by 14,000 to 262,000 and have now risen five out of the last six weeks. The four-week average for claims, which smooths out weekly ups and downs, rose to 252,000, also the highest since November.  The number of Americans collecting traditional unemployment benefits increased to 1.43 million in the last week of July — the highest number since early April.

Despite inflation cooling down a bit in July, up 8.5%, Americans are still paying significantly more for food.  According to the Bureau of Labor Statistics, the cost of food rose 10.9% , with food in the at-home category rising 13.1%. For the overall food category, that's the highest increase since May of 1979.

The cost of your blended Blue Rebel and oat milk Cocomo is going up, but Oregon drive-thru chain Dutch Bros said that higher prices are preserving its profitability and growth.  Dutch Bros, based in Grants Pass, shocked investors by announcing that inflation was cutting into customer demand and increasing the company’s own operating costs. Even so the company reported that 2nd quarter revenue rose 44% from a year ago sending the stock sharply higher.

 

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