Marketplace Tariff-driven price bloat hasn't arrived just yet
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Jun 11, 2025 Neela Richardson, the chief economist at ADP, shares her insights on economic trends following her visit to businesses in Utah County. She reveals that recent price increases are modest, suggesting tariffs haven't affected consumers significantly yet. The discussion highlights troubling retail job losses and the evolving landscape of truss manufacturing, where automation is reshaping labor needs. Additionally, Neela explores how local entrepreneurial spirit shapes economic resilience in Utah, particularly in the face of potential tariffs.
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Tariff effects on prices vary
- Tariffs have had a muted impact on consumer price inflation so far, with some categories like coffee able to stockpile before increases.
- Perishable goods like bananas show price hikes immediately, while tariffs on appliances are starting to show.
Retail faces big job cuts
- Retail job cuts are up 274% this year due to store closures and cost-cutting moves in areas like tech and ecommerce.
- Retailers face pressure to maintain margins amid slowing consumer spending and tariff-related cost increases.
SunPro’s mix of labor and automation
- At SunPro in Utah, trusses are built both by skilled labor and increasing automation to stay competitive and handle labor shortages.
- Their labor pool is supported by H-2B visas due to a tight local workforce despite Utah's demographic advantages.