NAM Cites FRB’s Powell: Reducing Inflation Will Not Be Painless In his speech at the Kansas City Federal Reserve Bank’s economic policy symposium at Jackson Hole, Wyoming, Federal Reserve Board Chair Jerome Powell reiterated the Federal Open Market Committee’s desire to bring core in- flation back to its target of two percent over the long term, reported Chad Moutray, Ph.D. and Chief Economist at the National Association of Manufacturers. “Without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. The burdens of high inflation fall heaviest on those who are least able to bear them,” said Powell. Yet, a more restrictive monetary policy will not be pain- less. Along these lines, Powell stated: “Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of la- bor market conditions. While higher interest rates, slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.” In related news, the PCE deflator edged down 0.1 per- cent in July, pulling back after rising 1.0 percent in June, CONTINUED ON PAGE 8
Box Shipments ( U.S. Corrugated Product Shipments) Industry Shipments In Billions of Square Feet Month June 2022
Year
Actual
Percent Change Avg Week Percent Change
2022 2021
34.771 35.948
-3.3
7.903 8.170
-3.3
Industry Total
Year-to Date
June 2022
Year
Actual
Percent Change Avg Week Percent Change
2022 2021
205.855 208.569
-1.3
8.019 8.170
-2.1
Industry Total
Containerboard Consumption (Thousands of Tons)
Year
Month
Percent Change Year-to-Date Percent Change
2022 2021
2.8451 2.9436
-3.0
16.8851 17.0466
-0.9
Container Board Inventory - Corrugator Plants (Thousands of Tons)
Corrugator Plants Only
Date
Percent Change Weeks of Supply
Percent Change
Jun. May
2.4415 2.3469
4.0
3.8 3.6
5.6
Shipping Days
Year
Month
Year-to-Date
2022 2021
22 22
127 126
SOURCE: Fibre Box Association
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