Wednesday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines.

Beef

A trade group that represents the nation’s meat processors, including JBS USA, Cargill and Tyson Foods, blasted the Biden administration for accusing the industry of “pandemic profiteering” – saying the government “refuses to acknowledge” the real problem.

The North American Meat Institute said surging prices were a result of a nationwide – not consolidation of the meat industry.

Used cars

Used car prices fell for the first time in seven months in August, providing evidence that at least some of the recent inflation seen in the U.S. economy may be temporary.

Prices slipped 1.4% last month, posting their first decline since January.

Despite the decline in August, used car prices were still up 32% from year year-ago levels as the global chip shortage has boosted demand for pre-owned vehicles.

Costco

Customers have been flocking back to warehouse clubs in recent months at levels even surpassing pre-pandemic levels and Costco is dominating.

Foot traffic analytics firm Placer.AI ran the data, which shows Costco leads the way with 55.5% of wholesale customers walking through its doors in August compared to Walmart-owned Sam’s Clubs at 36.2% and BJ’s Wholesale standing at 8.3%.

Income

American incomes fell last year as the U.S. dealt with the econmic fallout from the COVID-19 pandemic.

The Census Bureau reports median household income was $67,500 in 2020, down 2.9% from the prior year.

The poverty rate in 2020 with 11.4%, an increase of 1% from 2019.