Connect with us

Personal Finance

Wholesale egg prices have ‘blown way past’ prior record

Published

on

Sign on an empty supermarket shelf in Queens, New York.

Lindsey Nicholson/UCG/Universal Images Group via Getty Images

Wholesale egg prices have eclipsed record levels as the U.S. scrambles to contain a bird-flu outbreak — and consumers may soon see more sticker shock at their local grocer as a result, according to analysts.

On Friday, average wholesale prices for large, white shell eggs reached $8 a dozen, beating the previous record by a large degree, according to data from Expana, which tracks agricultural commodity prices.

“The previous all-time high was late December 2022 heading into Christmas, when we touched $5.46 per dozen,” Ryan Hojnowski, a market reporter at Expana, wrote in an e-mail. “Of course we have blown way past that this time.”

There’s a lag by a few weeks before those wholesale price hikes show up in retail stores, Hojnowski explained. How closely retail price dynamics track those of wholesale prices will vary by grocer, he said.

Bird flu drives egg supply shortage, economists say

JOHN THYS/AFP via Getty Images

At a time when U.S. inflation has eased broadly, egg inflation has caused anxiety for consumers.

Retailers like Trader Joe’s and CostCo have imposed some limits on consumers’ egg purchases due to higher prices.

What’s more, the Waffle House restaurant chain began charging customers an extra 50 cents per egg for each order. It’s not the only restaurant to do so. Some local restaurants have also increased the cost of egg dishes for customers, according to a recent Wall Street Journal report, which cited examples like like Storm’s Drive-In in Texas and Kroll’s Diner in Fargo, North Dakota.

Consumers paid about $4.15 for a dozen large, grade A eggs, on average, at the retail level in December, according to U.S. Bureau of Labor Statistics data.

While shy of the record retail high of $4.82 per dozen in January 2023, retail prices are up 65% from about $2.51 in December 2023 — and price pressures don’t appear to be easing.

Vital Farms CEO on Avian flu, egg prices and growth

“Highly pathogenic avian influenza,” more commonly known as bird flu, is the primary driver of egg price inflation, experts said.

The disease — highly infectious and lethal among birds — has killed millions of chickens at commercial egg farms and reduced egg supply, experts said. To prevent spread, farmers must kill their entire flock if they detect a case.

More than 40 million egg-laying chickens died in 2024, about 13% of the national total, said Amy Smith, vice president of Advanced Economic Solutions, an economic consulting firm specializing in agricultural commodities.

More from Personal Finance:
2025 could be a renter’s market — but it won’t last
Here’s the average tax refund so far this year
A new bill would cap credit card interest rates at 10%

Consequently, inventories of shell eggs are roughly 15% to 16% below the five-year average, said Smith, citing U.S. Department of Agriculture data. (There’s currently about 1.2 million cases of 30-dozen eggs in shell-egg inventory, according to USDA data.)

Most of the egg-laying chickens — nearly 22 million — died in the fourth quarter of 2024 alone, creating a supply shock that ran headlong into peak seasonal demand around the winter holidays, when more households buy eggs for baking recipes, for example, Smith said.

Wholesale prices “are triple, quadruple where we were a year ago,” Smith said. The runup is “very significant,” she said.

How wholesale prices may impact consumers

Depending on the grocer, consumers may not see price flare-ups trickle down to store shelves quite as dramatically.

“Large national retailers like Walmart and Aldi often have more flexibility to absorb wholesale price increases,” Hojnowski wrote.

They may be able to offset those higher wholesale costs through stronger margins on other food products, or by securing some of their egg supply on fixed-price contracts, which many do, he said.

However, smaller, independent retailers don’t have the same economies of scale and need to maintain profitability on each item they sell, “leading them to adjust prices more quickly in response to wholesale changes,” Hojnowski said.

Why chicken has been less impacted than eggs

Average retail egg prices increased about 170% from December 2019 to December 2024, according to BLS data. By comparison, the average retail price for one pound of fresh, whole chicken rose about 42% during that time. A pound of boneless chicken breast meat jumped about 32%.

All increase more than average U.S. inflation overall during that time, as measured by the consumer price index, which increased about 23%.

That’s largely because of how bird flu has impacted different types of chickens, experts said. Chickens raised for eggs are different from those raised for chicken meat, which are known as “broilers.”

Who makes money from eggs

About 7.5 million broilers have died from bird flu since October, when the latest disease outbreak began, said Matt Busardo, team lead of U.S. poultry reporting at Expana. By contrast, more than 20 million egg layers have have died since the beginning of 2025.

“This alone provides a clearer picture of why egg prices have risen so dramatically compared to chicken,” Busardo said.

Wholesale chicken prices have risen slowly due to disease complications limiting availability, he said. While those prices are “positioned for more upward potential,” the increase “may not necessarily occur at the same rate as eggs, at least for now.”

Continue Reading

Personal Finance

Summer Fridays are increasingly rare as hybrid schedules gain steam

Published

on

People enjoy an unusually warm day in New York City as temperatures reach the low 80s on June 4, 2025 in New York City.

Spencer Platt | Getty Images

Summer Fridays may be considered the most desirable perk of the season, but fewer employers are on board with the shortened workweek.

Companies have steadily phased out summer Fridays — a policy that allows workers to take Friday afternoon off over the summer months — as work-from-home Fridays became more common, experts say.

“Pre-pandemic, summer Fridays were thing, but hybrid overall has taken over,” said Bill Driscoll, technology workplace trends expert at staffing and consulting firm Robert Half.

As more commuters settle into flexible working arrangements, fewer workers are making Friday trips at all compared to mid-week traffic patterns, according to the 2024 Global Traffic Scorecard released in January by INRIX Inc., a traffic-data analysis firm.

More from Personal Finance:
Job market is ‘trash’ right now, career coach says
Millions would lose health insurance under GOP megabill
Average 401(k) balances drop 3% due to market volatility

Among employees, however, summer Fridays are the most valued summer benefit, followed by summer hours and flextime, according to a new survey by job site Monster, which polled more than 400 U.S. workers in June. 

“Summer Fridays are highly valued among workers because, for many, they represent more than just a few extra hours off,” said Scott Blumsack, Monster’s chief strategy and marketing officer. This perk “can go a long way in showing employees they’re valued, which can help prevent burnout, boost morale, and improve retention during a season when disengagement can run high.”

Still, 84% of workers are not offered any summer-specific benefits, even though 55% also said those benefits improve productivity, Monster found.

JPMorgan CEO Jamie Dimon blasts call for hybrid work, tells employees not to waste time on petition

Instead, hybrid — and to a lesser extent fully remote — job postings have increased in the last year as employers compete for talented job seekers who prioritize flexibility, according to research by Robert Half.

“Hybrid is a highly desirable situation right now and one that all levels of employees are looking for,” said Robert Half’s Driscoll.

More than five years after the pandemic, 72% of organizations also have return-to-office mandates, according to a separate hybrid work study by Cisco.

But, even with the mandates, employees are less likely to work in the office on Fridays, and much more likely to commute Monday to Thursday, Cisco found.

Employees value flexibility

As employee burnout and disengagement grows amid the wave of in-office mandates, work-life balance and flexible hours have become increasingly important, other studies show.

Corporate wellness company Exos, which works with large organizations such as JetBlue and Adobe, says burnout has gone down significantly among employees at firms that have made Fridays more flexible. Exos also tested out “You Do You Fridays” — and found significant benefits.

The more adaptable the schedule, the more positively employees view their company’s policies, the Cisco report also found.

With hybrid arrangements now common, workers put a high value on that flexibility — and 63% of all workers would even accept a pay cut for the option to work remotely more often, according to Cisco’s global survey of more than 21,500 employers and employees working full-time.

Subscribe to CNBC on YouTube.

Continue Reading

Personal Finance

How House Republicans’ ‘big beautiful’ bill may affect children

Published

on

Speaker of the House Mike Johnson, R-La., pictured at a press conference after the House narrowly passed a bill forwarding President Donald Trump’s agenda on May 22 in Washington, DC.

Kevin Dietsch | Getty Images

House reconciliation legislation, also known as the One, Big, Beautiful Bill, includes changes aimed at helping to boost family’s finances.

Those proposals — including $1,000 investment “Trump Accounts” for newborns and an enhanced maximum $2,500 child tax credit — would help support eligible parents.

Proposed tax cuts in the bill may also provide up to $13,300 more in take-home pay for the average family with two children, House Republicans estimate.

“What we’re trying to do is help hardworking Americans who are trying to provide for their families and make ends meet,” House Speaker Mike Johnson, R-La., said during a June 8 interview with ABC News’ “This Week.”

Yet the proposed changes, which emphasize work requirements, may reduce aid for children in low-income families when it comes to certain tax credits, health coverage and food assistance.

Households in the lowest decile of the income distribution would lose about $1,600 per year, or about 3.9% of their income, from 2026 through 2034, according to a June 12 letter from the Congressional Budget Office. That loss is mainly due to “reductions in in-kind transfers,” it notes — particularly Medicaid and the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps.

20 million children won’t get full $2,500 child tax credit

A member of MomsRising holds a sign on Capitol Hill to urge lawmakers to reject tax breaks for billionaires and protest cuts to Medicaid and child care on Capitol Hill on May 8 in Washington, D.C.

Brian Stukes | Getty Images Entertainment | Getty Images

House Republicans have proposed increasing the maximum child tax credit to $2,500 per child, up from $2,000, a change that would go into effect starting with tax year 2025 and expire after 2028.

The change would increase the number of low-income children who are locked out of the child tax credit because their parents’ income is too low, according to Adam Ruben, director of advocacy organization Economic Security Project Action. The tax credit is not refundable, meaning filers can’t claim it if they don’t have a tax obligation.

Today, there are 17 million children who either receive no credit or a partial credit because their family’s income is too low, Ruben said. Under the House Republicans’ plan, that would increase by 3 million children. Consequently, 20 million children would be left out of the full child tax credit because their families earn too little, he said.

“It is raising the credit for wealthier families while excluding those vulnerable families from the credit,” Ruben said. “And that’s not a pro-family policy.”

Expect the reconciliation bill to be done 'at some point this summer': Punchbowl's Jake Sherman

A single parent with two children would have to earn at least $40,000 per year to access the full child tax credit under the Republicans’ plan, he said. For families earning the minimum wage, it may be difficult to meet that threshold, according to Ruben.

In contrast, an enhanced child tax credit put in place under President Joe Biden made it fully refundable, which means very low-income families were eligible for the maximum benefit, according to Elaine Maag, senior fellow at the Urban-Brookings Tax Policy Center.

In 2021, the maximum child tax credit was $3,600 for children under six and $3,000 for children ages 6 to 17. That enhanced credit cut child poverty in half, Maag said. However, immediately following the expiration, child poverty increased, she said.

The current House proposal would also make about 4.5 million children who are citizens ineligible for the child tax credit because they have at least one undocumented parent who files taxes with an individual tax identification number, Ruben said. Those children are currently eligible for the child tax credit based on 2017 tax legislation but would be excluded based on the new proposal, he said.

New red tape for a low-income tax credit

House Republicans also want to change the earned income tax credit, or EITC, which targets low- to middle-income individuals and families, to require precertification to qualify.

When a similar requirement was tried about 20 years ago, it resulted in some eligible families not getting the benefit, Maag said. The new prospective administrative barrier may have the same result, she said.

More than 2 million children’s food assistance at risk

Momo Productions | Digitalvision | Getty Images

House Republican lawmakers’ plan includes almost $300 billion in proposed cuts to the Supplemental Nutrition Assistance Program, or SNAP, through 2034.

SNAP currently helps more than 42 million people in low-income families afford groceries, according to Katie Bergh, senior policy analyst at the Center on Budget and Policy Priorities. Children represent roughly 40% of SNAP participants, she said.

More than 7 million people may see their food assistance either substantially reduced or ended entirely due to the proposed cuts in the House reconciliation bill, estimates CBPP. Notably, that total includes more than 2 million children.

“We’re talking about the deepest cut to food assistance ever, potentially, if this bill becomes law,” Bergh said.

More from Personal Finance:
Experts weigh pros and cons of $1,000 Trump baby bonus
How Trump spending bill may curb low-income tax credit
Why millions would lose health insurance under House spending bill

Under the House proposal, work requirements would apply to households with children for the first time, Bergh said. Parents with children over the age of 6 would be subject to those rules, which limit people to receiving food assistance for just three months in a three-year period unless they work a minimum 20 hours per week.

Additionally, the House plan calls for states to fund 5% to 25% of SNAP food benefits — a departure from the 100% federal funding for those benefits for the first time in the program’s history, Bergh said.

States, which already pay to help administer SNAP, may face tough choices in the face of those higher costs. That may include cutting food assistance or other state benefits or even doing away with SNAP altogether, Bergh said.

While the bill does not directly propose cuts to school meal programs, it does put children’s eligibility for them at risk, according to Bergh. Children who are eligible for SNAP typically automatically qualify for free or reduced school meals. If a family loses SNAP benefits, their children may also miss out on those benefits, Bergh said.

Health coverage losses would adversely impact families

A protestor holds a sign on May 7, 2025 in Washington, D.C.

Leigh Vogel | Getty Images Entertainment | Getty Images

Families with children may face higher health care costs and reduced access to health care depending on how states react to federal spending cuts proposed by House Republicans, according to the Center on Budget and Policy Priorities.

The House Republican bill seeks to slash approximately $1 trillion in spending from Medicaid, the Children’s Health Insurance Program and Affordable Care Act marketplaces.

Medicaid work requirements may make low-income individuals vulnerable to losing health coverage if they are part of the expansion group and are unable to document they meet the requirements or qualify for an exemption, according to CBPP. Parents and pregnant women, who are on the list of exemptions, could be susceptible to losing coverage without proper documentation, according to the non-partisan research and policy institute.

Eligible children may face barriers to access Medicaid and CHIP coverage if the legislation blocks a rule that simplifies enrollment in those programs, according to CBPP.

In addition, an estimated 4.2 million individuals may be uninsured in 2034 if enhanced premium tax credits that help individuals and families afford health insurance are not extended, according to CBO estimates. Meanwhile, those who are covered by marketplace plans would have to pay higher premiums, according to CBPP. Without the premium tax credits, a family of four with $65,000 in income would pay $2,400 more per year for marketplace coverage.

Continue Reading

Personal Finance

‘White collar’ jobs are down — but don’t blame AI yet, economists say

Published

on

Artificial intelligence makes people more valuable, according to PwC’s 2025 Global AI Jobs Barometer report.

Pixdeluxe | E+ | Getty Images

While there hasn’t been much hiring for so-called “white collar” jobs, the contraction is not because of artificial intelligence, economists say. At least, not yet.

Professional and business services, the industry that represents white-collar roles and middle and upper-class, educated workers, hasn’t experienced much hiring activity over the past two years.

In May, job growth in professional and business services declined to -0.4%, slightly down from -0.2% in April, according to the Bureau of Labor Statistics. In other words, the sector has been losing job opportunities, according to Cory Stahle, an economist at job search site Indeed.

Meanwhile, industries like health care, construction and manufacturing have seen more job creation. In May, nearly half of the job growth came from health care, which added 62,000 jobs, the bureau found.

More from Personal Finance:
Here’s what’s happening with unemployed Americans — in five charts
The pros and cons of a $1,000 baby bonus in ‘Trump Accounts’
Social Security cost-of-living adjustment may be 2.5% in 2026

However, economists have said that the decline in white-collar job openings is more driven by structural issues in the economy rather than artificial intelligence technology taking people’s jobs. 

“We know for a fact that it’s not AI,” said Alí Bustamante, an economist and director at the Roosevelt Institute, a liberal think tank.

Indeed’s Stahle agreed: “This is more of an economic story and less of an AI disruption story, at least so far.”

Artificial intelligence is still in early stages

There are a few reasons AI is not behind the declining job creation in white-collar sectors, according to economists.

For one, the decline in job creation has been happening for years, Bustamante said. In that timeframe, AI technology “was pretty awful,” he said.

What’s more, the technology is even now still in early stages, to the point where the software cannot execute key skills without human intervention, said Stahle.

Amazon's big bet on 'physical AI'

A 2024 report by Indeed researchers found that of the more than 2,800 unique work skills identified, none are “very likely” to be replaced by generative artificial intelligence. GenAI creates content like text or images based on existing data.

Across five scenarios — “very unlikely,” “unlikely,” “possible,” “likely” and “very likely” — about 68.7% of skills were either “very unlikely” or “unlikely” to be replaced by GenAI technology, the site found. 

“We might get to a point where they do, but right now, that’s not necessarily looking like it’s a big factor,” Stahle said. 

‘Jobs are going to transform’

A separate report by the World Economic Forum in January forecasts that by 2030, the new technology will create 170 million new jobs, or 14% of the current total employment.

However, that growth could be offset by the decline in existing roles. The report cites that about 92 million jobs, or 8% of the current total employment, could be displaced by AI technology.

For knowledge-based workers whose skills may overlap with AI, consider investing in developing skills on how to use AI technology to stay ahead, Stahle said.

Continue Reading

Trending