Some retailers mentioned the SNAP funding decrease on earnings calls, too. ![]() Yet retailers themselves have pointed out cracks in consumer health, noting rising credit card balances, more sales of lower-priced private label brands and shoppers' heightened response to discounts and promotions. That index has also gotten a lift from restaurant and bar spending, which has bounced back from earlier in the pandemic and begun to compete more with money spent on goods. The annual inflation rate is at 6% as of February, according to the Labor Department's tracking of the consumer price index, which measures a broad mix of goods and services. Some of those higher sales have come from higher prices. On a year-over-year basis, retail spending was up 17.6% in February, according to the Commerce Department. So far, retail sales in the first two months of the year have proven resilient, even as consumers contend with inflation and follow a stimulus-fueled boom in spending in the early years of the pandemic. "You still have to feed the same number of mouths, but you have to make choices," said Karen Short, a retail analyst for Credit Suisse. Major companies, including Best Buy, Macy's and Target, have shared cautious outlooks for the year, saying shoppers across incomes have become more careful about spending on items such as clothing or consumer electronics as they pay more for necessities such as housing and food.įood, in particular, has emerged as one of the hardest-hit inflation categories, up 10.2% year-over-year as of February, according to the U.S. It's likely to pressure a weakening part of retailers' business: sales of discretionary merchandise, which are crucial categories for retailers, as they tend to drive higher profits. ![]() Yet for many families, the drop will be even steeper since the government assistance scales up to adjust for household size and income.įor grocers like Kroger, big-box players like Walmart and discounters like Dollar General, the drop in SNAP dollars adds to an already long list of worries about the year ahead. For those households, it will amount to at least $95 less per month to spend on groceries. More than 41 million Americans receive funding for food through the federal program. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Work requirement (for individuals age 18-50).Įligibility is taken seriously, and although there are certain screening measures the USDA has in place to establish eligibility, you will ultimately need to work with your local Health and Human Services Commission (HHC) office to confirm your eligibility.Best Debt Consolidation Loans for Bad Credit Your eligibility for benefits will depend on your situation concerning the following criteria: The United States Department of Agriculture (USDA) establishes all eligibility and certification policies. Applicants will need to reside in Texas and must apply in the county in which they reside. SNAP is available to families, the elderly, and single adults as well. SNAP is federally funded and helps low-income families to buy good, nutritious foods for their families from local grocers. ![]() Each month, hundreds of thousands of families across the state receive Supplemental Nutrition Assistance Program (SNAP) benefits from the Texas Health and Human Services Commission. If you are in need of assistance, your state has resources to help. ![]() See: SNAP Benefits 2022: Illinois Link Card Schedule For Februaryįind: Social Security: Could the COLA Increase Reduce Your SNAP Benefits?Īfter rent, utilities, transportation costs and child care, there is often little left to spend on nutritious food to feed one’s family. As such, the importance of saving money, and of gaining access to economic benefits to which you may be entitled, becomes paramount for those who reside in the state. With this number representing just under 15% of all households in the state, the average monthly benefit per household is about $269 - the third-highest distributed amount among all states in the country. Over 1.4 million households in Texas receive food stamps each month.
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