May 12, 2021
A hiring sign offers a $500 bonus outside a McDonalds restaurant, in Cranberry Township, Butler County, Pa., Wednesday, May 5, 2021. U.S. employers posted a record number of available jobs in March, starkly illustrating the desperation of businesses to hire more people as the economy expands. Yet total job gains increased only modestly that month, according to a Labor Department report issued Tuesday, May 11. (AP Photo/Keith Srakocic)
WASHINGTON (AP) U.S. employers posted a record number of available jobs in March, illustrating starkly the desperation of businesses trying to find new workers as the country emerges from the pandemic and the economy expands.
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A sharp rise in April consumer prices put stocks under more pressure early Wednesday, but the data really shouldn’t come as much of a surprise.
We’re having an initial reaction now where everything sells off and rates are pushing higher, but we’ve already seen hints of this coming from earnings. Based on what executives said, it would be hard to believe if there wasn’t some inflation pressure developing and showing up in today’s number.
This is one report, so it’s nothing to lose our minds over, but it backs up what we’ve been hearing. To recap, the consumer price index (CPI) rose 0.8% last month, compared with Wall Street’s consensus for 0.2%. The CPI is up 4.2% year-over-year. These are big numbers, but remember that last year set a low bar considering the struggles with Covid at the time.
President Joe Biden claimed that federal unemployment benefits had no “measurable” effect on April’s weak jobs report. Pictured: Biden speaks on April’s job numbers in the East Room of the White House on May 7. (Photo: Alex Wong/Getty Images)
Commentary By
Rachel Greszler is research fellow in economics, budget, and entitlements in the Grover M. Hermann Center for the Federal Budget, of the Institute for Economic Freedom, at The Heritage Foundation. Read her research.
The $1.9 trillion, partisan COVID-19 relief package was supposed to boost the economy, but it may have stifled it instead.
With widespread reopenings, 46% of Americans having received at least one COVID-19 vaccine, and another round of “stimulus” checks boosting Americans’ bank accounts, expectations were high for job gains to exceed 1 million in April.