NPPC Q2 Economic Update
The NPPC Q2 Economic Update is now available and provides a snapshot of current trends and explores market conditions within our industry. As pork industry stakeholders, you understand that many factors impact production from quarter to quarter and strive to stay on top of economic indicators to make good business decisions. In addition, NPPC shares this economic data with congressional leaders to help them better understand the dynamics and challenges facing America’s pork producers as we advocate on your behalf.
In this issue you will find analysis on pork production, farm-to-retail price spreads, export data, labor market issues, and the 2023 outlook. Highlights include:
- Pork production increased 2.3 percent through the first quarter of 2023 with USDA now projecting a 1.4 percent increase in pork production this year.
- Retail, wholesale, and farm level prices show year-over-year decline.
- Pork and variety meat exports gained momentum in Q1 2023.
- From September 2021 to 2022, the total value of wages paid to workers on U.S. hog farms increased 12.1 percent while the number of workers declined by 0.4 percent.