orin stepanek wrote:I guess I can't see the significance of dropping a ball to start a new year. It's not much different than the old clock striking 12. Seems to me it would make more sense to start the new year on the shortest of longest day of the year. That would be more like getting a new start.
There are twelve days of Xmas starting near the shortest day of the longest year (366 days + 1 second); New Year's Day is in the middle.
---------------------------------
http://www.pncchristmaspriceindex.com/C ... lease.html
PITTSBURGH, Dec. 1, 2008 – <<The PNC Christmas Price Index increased
by a lavish 8.1 percent over last year, the second biggest leap in the
history of the whimsical economic analysis by PNC Wealth Management
based on the cost of gifts in the holiday classic, “The Twelve Days of
Christmas.” According to the 24th annual survey, the cost of the PNC
CPI is $21,080 in 2008, $1,573 more than last year. The PNC CPI
exceeds the U.S. government’s Consumer Price Index – the widely used
measure of inflation calculated by the Bureau of Labor Statistics. The
Consumer Price Index is up 3.7 percent this year. The core CPI has
increased 2.2 percent since Oct. of 2007.
The seven swans a-swimming proved to be a driver of this year’s index,
carrying the greatest weight with a whopping 33.3 percent increase due
to their scarcity. True Loves will spend $5,600 this year for Swans
compared with $4,200 in 2007, accounting for $1,400 of the $1,573
increase. The swans typically have the largest swings in price in the
PNC CPI. “Omitting the seven swans a-swimming may be a tempting way
for a True Love to hold the line on costs, but one would be advised to
proceed with caution," warned James Dunigan, managing executive of
investments for PNC Wealth Management. Large percentage increases were
also seen in turtle doves (37.5 percent, to $56 from $40); partridges
(33.3 percent, to $20.00 from $15.00) and pear trees (33.3 percent, to
$199.99 from $149.99), according to PNC.
There is good news, however.
True Loves will pay less for the five gold rings this year. Retail
prices dropped by 11.4 percent (to $349.95 from $395) as retailers are
trying to move luxury merchandise in light of concerns with the
slowing economy, PNC found. Two other costs in the CPI dropped this
year: three French hens and Six geese-a-laying. This year the hens
cost $30, a drop of 33.3 percent over last year, and the geese cost
$240, falling one-third. Four calling birds remained steady, costing
$599.96, the same as a year ago.
Another Pay Raise for the Milkmaids
As the only unskilled laborers in the Christmas Price Index, the eight
maids a-milking received a raise for the second straight year, due to
another increase in the federal minimum wage. Before 2007, they had
not received a raise since 1997. The federal minimum wage increased
this year to $6.55 per hour, following last year’s $5.85. In the last
two years, the maids a-milking have seen their wages rise by $1.40 per
hour, an increase of 27 percent. Still, the maids will cost the True
Love $52.40 this year, only $5.60 more than a year ago, a relative
bargain in the PNC CPI.
The cost of most performers in the index—the drummers drumming, pipers
piping and Llrds-a-leaping—jumped a modest 3 percent, essentially a
cost-of-living increase, reflecting the current labor market in which
the unemployment rate rose to 6.5 percent after sitting below 5
percent for much of the decade. Only the price for the Ladies Dancing
was unchanged this year.
For those True Loves who prefer the convenience of shopping online,
PNC Wealth Management calculates the cost of “The Twelve Days of
Christmas” gifts purchased on the Web. This year, the trends
identified in the traditional index are repeated in the Internet
version, with an overall price growth of 2.8 percent, significantly
less than the traditional PNC CPI increase of 8.1 percent. True Loves
will pay a grand total of $31,957 to buy the items online, almost
$11,000 more than in the traditional index.
Seven of the 12 items in the Internet index stayed even with 2007. The
Internet price of swans a-swimming was unchanged this year, but they
still cost significantly more to buy online at $7,035. In general,
Internet prices are higher than their non-Internet counterparts
because of shipping costs for birds and the convenience factor of
shopping online, Dunigan said.
As part of its annual tradition, PNC Wealth Management also tabulates
the “True Cost of Christmas,” which is the total cost of items gifted
by a True Love who repeats all of the song’s verses. This holiday
season, very generous True Loves will pay more than ever before—$86,609
—for all 364 items, up from $78,100 in 2007, a staggering 10.9 percent
increase.>>
--------------------------------------
Art (dropping the ball) Neuendorffer
[quote="orin stepanek"]I guess I can't see the significance of dropping a ball to start a new year. It's not much different than the old clock striking 12. Seems to me it would make more sense to start the new year on the shortest of longest day of the year. That would be more like getting a new start. :lol:
[/quote]
There are twelve days of Xmas starting near the shortest day of the longest year (366 days + 1 second); New Year's Day is in the middle.
---------------------------------
http://www.pncchristmaspriceindex.com/CPI/pressRelease.html
PITTSBURGH, Dec. 1, 2008 – <<The PNC Christmas Price Index increased
by a lavish 8.1 percent over last year, the second biggest leap in the
history of the whimsical economic analysis by PNC Wealth Management
based on the cost of gifts in the holiday classic, “The Twelve Days of
Christmas.” According to the 24th annual survey, the cost of the PNC
CPI is $21,080 in 2008, $1,573 more than last year. The PNC CPI
exceeds the U.S. government’s Consumer Price Index – the widely used
measure of inflation calculated by the Bureau of Labor Statistics. The
Consumer Price Index is up 3.7 percent this year. The core CPI has
increased 2.2 percent since Oct. of 2007.
The seven swans a-swimming proved to be a driver of this year’s index,
carrying the greatest weight with a whopping 33.3 percent increase due
to their scarcity. True Loves will spend $5,600 this year for Swans
compared with $4,200 in 2007, accounting for $1,400 of the $1,573
increase. The swans typically have the largest swings in price in the
PNC CPI. “Omitting the seven swans a-swimming may be a tempting way
for a True Love to hold the line on costs, but one would be advised to
proceed with caution," warned James Dunigan, managing executive of
investments for PNC Wealth Management. Large percentage increases were
also seen in turtle doves (37.5 percent, to $56 from $40); partridges
(33.3 percent, to $20.00 from $15.00) and pear trees (33.3 percent, to
$199.99 from $149.99), according to PNC.
There is good news, however.
True Loves will pay less for the five gold rings this year. Retail
prices dropped by 11.4 percent (to $349.95 from $395) as retailers are
trying to move luxury merchandise in light of concerns with the
slowing economy, PNC found. Two other costs in the CPI dropped this
year: three French hens and Six geese-a-laying. This year the hens
cost $30, a drop of 33.3 percent over last year, and the geese cost
$240, falling one-third. Four calling birds remained steady, costing
$599.96, the same as a year ago.
Another Pay Raise for the Milkmaids
As the only unskilled laborers in the Christmas Price Index, the eight
maids a-milking received a raise for the second straight year, due to
another increase in the federal minimum wage. Before 2007, they had
not received a raise since 1997. The federal minimum wage increased
this year to $6.55 per hour, following last year’s $5.85. In the last
two years, the maids a-milking have seen their wages rise by $1.40 per
hour, an increase of 27 percent. Still, the maids will cost the True
Love $52.40 this year, only $5.60 more than a year ago, a relative
bargain in the PNC CPI.
The cost of most performers in the index—the drummers drumming, pipers
piping and Llrds-a-leaping—jumped a modest 3 percent, essentially a
cost-of-living increase, reflecting the current labor market in which
the unemployment rate rose to 6.5 percent after sitting below 5
percent for much of the decade. Only the price for the Ladies Dancing
was unchanged this year.
For those True Loves who prefer the convenience of shopping online,
PNC Wealth Management calculates the cost of “The Twelve Days of
Christmas” gifts purchased on the Web. This year, the trends
identified in the traditional index are repeated in the Internet
version, with an overall price growth of 2.8 percent, significantly
less than the traditional PNC CPI increase of 8.1 percent. True Loves
will pay a grand total of $31,957 to buy the items online, almost
$11,000 more than in the traditional index.
Seven of the 12 items in the Internet index stayed even with 2007. The
Internet price of swans a-swimming was unchanged this year, but they
still cost significantly more to buy online at $7,035. In general,
Internet prices are higher than their non-Internet counterparts
because of shipping costs for birds and the convenience factor of
shopping online, Dunigan said.
As part of its annual tradition, PNC Wealth Management also tabulates
the “True Cost of Christmas,” which is the total cost of items gifted
by a True Love who repeats all of the song’s verses. This holiday
season, very generous True Loves will pay more than ever before—$86,609
—for all 364 items, up from $78,100 in 2007, a staggering 10.9 percent
increase.>>
--------------------------------------
Art (dropping the ball) Neuendorffer