Read the latest issue of The Dairy Bar, a bi-weekly report from IDFA partner Ever.Ag. The Dairy Bar features spotlight data, key policy updates, and a one-minute video that covers timely topics for the dairy industry.
The Dairy Bar: Dairy is Booming According to New Economic Impact Study; Labor and Debt Ceiling Deal Hit Consumer Confidence; and Passport to South America!
Quick Bites: Labor, Debt Ceiling Deal Hit Consumer Confidence
- New data shows consumers feel increasingly uneasy about economic conditions. The Conference Board’s consumer confidence index fell to a reading of 102.3 in May, down from 103.7 in April to a six-month low.
- Despite generally good data on the labor front, the decrease was largely the result of uncertainty around employment. Labor market sentiment declined to 31.0, compared to 36.9 the month prior, to the lowest level since April 2021. The Conference Board also reported the number of consumers viewing jobs as “plentiful” dropped to the lowest point since April 2021, while those that thought jobs were “hard to get” hit a six-month high.
- The University of Michigan’s Consumer Sentiment Index also tumbled to a six-month low in May, though analysts attributed much of the result to anxiety around a potential debt ceiling deal. Year-ahead economic outlooks also fell 13% on the month, pointing to continued fears around a recession.
Today's Special
- IDFA’s 2023 Economic Impact Study found U.S. dairy continues to grow at a rapid pace, adding jobs, generating wages and contributing an increasing amount to the national gross domestic product. Between cheese, milk, ice cream, yogurt and cultured products, and other dairy ingredients, the industry increased its impact on the U.S. economy by $41 billion over the past two years to $793.75 billion.
- Dairy now employs workers in 49 of 50 states, bringing national employment to 3.2 million positions. That includes 1.078 million jobs in dairy product manufacturing, up from 1.018 million in 2021. Those jobs are also generating more pay, with industry wages reaching $49 billion, up from $42 billion two years ago.
- The industry’s financial impacts also include billions in federal, state and local taxes. IDFA’s research found dairy currently generates $72.0 billion in tax benefits, up from $67.1 billion in 2021.
- As a result of rapid growth and healthy demand, the U.S. dairy industry now makes up 3% of U.S. GDP.
- IDFA’s Economic Impact Study is conducted every two years and is released at the beginning of National Dairy Month. For more information, visit www.idfa.org/dairydelivers.