Local grocer New Seasons sold for an undisclosed amount to South Korean Company Emart (who purchased Good Food Holdings last year for $275M). In the last 20 years the chain has built 21 stores, 18 in the Portland Metro, and employes 3,800 workers. It also owned 5 California markets operating under the “New Leaf Community Market Brand.” CEO Forrest Hoffmaster will continue to run the business. The sale agreement allows New Seasons to keep up their donations of 10% after-tax profit to charities and maintain their B corp status.
Rates & the 10 year US Treasury note crept up again this week in response to US-China trade chatter.
Jobs – the number of people filing for unemployment for the first time increased dramatically this week. Normally this can be an early indicator of recession (unemployment bottoming out then rising), in this case I view it with a grain of salt as the Thanksgiving holiday influences claims. I’ll keep an eye on this moving forward.
Loan Performance – remains very strong improving nicely on a year over year basis. The number of homes in foreclosure nationwide is at 0.4% Keep in mind that 37% of homes are owned outright so only 0.4% of the 63% of homes with mortgages are in foreclosure.
Inflation – The Consumer Price Index (CPI) rose 0.3% in November on a seasonally adjusted basis. Over the last 12 months it is up 2.1% (not seasonally adjusted).