Prices rising at the grocery stores and the gas pumps signal inflation at its height, but jobs numbers have soared far beyond what experts predicted.
America added 428,000 jobs for the month of April despite Russian President Vladimir Putin’s invasion into Ukraine, the Department of Labor reported. And the increased costs of borrowing money came even after the inflation ascension, according to The Associated Press:
‘Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century. The economy’s hiring gains have been remarkably consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months’
The Federal Reserve increased its rate half a percentage point, which was higher than any since the turn of the century. And Fed Chair Jerome Powell indicated broadly that those increases would likely continue in order to halt runaway inflation:
‘Employers are having difficulties filling job openings, and wages are rising at the fastest pace in many years.’
With President Joe Biden’s promise of $33 billion to assist Ukraine, economists suggest that a recession is possible. Another problem has been that the well-received funds he provided have come to an end. There has been talk of forgiving student loans, though. At first the amount forgiven was $50,000, then it dropped to $10,000. And naturally, that has brought some conflict.
The Department of Labor showed that the jobs market was on a sharp upward trajectory in spite of all considerations. As of Friday, just 1.38 million American citizens were receiving “traditional unemployment benefits.” That number has not been as low since 1970. Employers listed 11.5 million jobs wanted. On the other hand, layoffs were static and “well below pre-pandemic levels. NBC reported “two available jobs for every unemployed person:”
‘What’s more, the economy now has, on average, two available jobs for every unemployed person. That’s the highest such proportion on record.’
He continued speaking about workers’ “unusual leverage:”
‘And in yet another sign that workers are enjoying unusual leverage in the job market, a record 4.5 million people quit their jobs in March, evidently confident that they could find a better opportunity elsewhere.’
Even with hiring bonuses, both financial and incentives such as massages and flexible work hours, employers have not been able to fill that dramatic number of job openings.
Featured image is a screenshot via YouTube.
Three White Lions is Gloria Christie’s new serialized book available in episodes on Amazon. Go to Kindle Vella and insert her name. She also writes for the liberal online newspaper The Bipartisan Report. Gloria Christie Report her newsletter for people on the go. Written in her own unique style with a twist of humor in a briefer version of Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery. Find her here on Facebook.