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But in March of this year, on another trip home, Mr. Ryder, who holds an O-1 extraordinary ability visa, got stuck in Denmark. “It was a direct result of tightening the travel-ban criteria,” Mr. Ryder said in an interview. Citizens of those countries for the most part aren’t being granted work visas even if they are vaccinated or test negative for Covid-19. In countries that aren’t banned, monthslong backlogs at consulates make it difficult for foreign workers to get visas. “People are fighting over each other’s employees.”The Biden administration allowed a Trump-era ban on work visas to expire March 31.
Persons: Mads Ryder, Ryder, wasn’t, Mr, ” Mads Ryder, Emilio Villa, Julie Stufft, ” Ms, Stufft, Jiang, , Susan Cohen, Richard Zimmerman, , ” Mr, Zimmerman, Larry Fletcher, Greg Dugal, Biden, Trump, lockdowns, Miriam Abrahams, , haven’t, Eric Morath, Michelle Hackman Organizations: Lenox Corp, U.S, coronavirus, The U.S . State, Lenox, State Department, The Wall Street Journal, State Department’s Bureau, Consular Affairs, Wall Street, Labor Department, Wisconsin Dells, The Labor Department, Wall, Cedar Fair Entertainment, Hospitality Maine, , Trump, , The State Department Locations: U.S, Europe, Lenox’s Bristol, Pa, Denmark, The, Bristol, China, India, Boston, Wisconsin, Wis, Cape Cod, Ohio, Lake Erie, Erie Shores, Cedar, New York, South Korea, michelle.hackman
Forget Going Back to the Office—People Are Just Quitting Instead
  + stars: | 2021-06-13 | by ( Lauren Weber | ) www.wsj.com + 0.00   time to read: +8 min
The shift by Americans into new jobs and careers is prompting employers to raise wages and offer promotions to keep hold of talent. Instead, after a round of layoffs, he found the team had one member, and he was it. Melanie Chavez recently started a job that calls on her networking skills and her passion for diversity and inclusion. ‘I really feel like I’m going to shine.’ Photo: Kamara SwabyThe days were stressful, he says, and there were few opportunities for promotion. “I really feel like I’m going to shine.”Edward Moses is pleased with his new job as a technical writer.
Persons: Edward Moses, Melanie Chavez, Kamara Swaby, Moses, , Steve Cadigan, “ It’s, Draney, , Pluralsight, Ian Crawford, Larry Garvin, Mr, Sam Martin, Crawford, Mai Lan Nguyen, Kathie Patterson, Patterson, Cadigan, Chavez, ” Edward Moses, Evan Jenkins, Lauren Weber Organizations: Labor Department, Prudential Financial Inc, , LinkedIn, , Utah Global, University of Utah, Employers, Schneider Electric, Financial, , The Wall Locations: Kentucky, Louisville, Schneider Electric North America, Detroit, lauren.weber
The labor shortage is forcing some firms to limit production, cut operating hours, and raise prices. Some are offering free accommodation and college tuition to staff, while others are hiking up wages. Read more: How Starbucks is defying the labor shortage crisis with transformative perks, not cash teasers like McDonald's"Everybody is hiring at the exact same time," Danny Meyer, chair of the NYC Economic Development Corporation, said. Free hotel staysOmni Hotels and Resorts told The New York Times that it was offering free hotel stays for some summer employees while they work. What's causing the labor shortage?
Persons: Danny Meyer, Joy Rothschild, Rothschild, iPhones, Korn Ferry, Goldman Sachs, Cleveland Fed he'd, wouldn't, Amanda Cohen, Candy, they'd, Whataburger, JBS, David Bloom, Bloom, Ryan Stansbury, Applebee's, , Insider's Áine Cain Organizations: US, of Commerce, Federal Reserve, NYC Economic Development Corporation, Waste Management, New York Times, Resorts, CNN, Omni Hotels, Cleveland Fed, Guardian, Federal, Texas, MSNBC, Wing, Costco, Target, Labor Department, Bank of America Locations: Altamont , Illinois, Jersey, Santa Cruz , California, Canada, New York City, Cleveland, Dallas, Pittsburgh, Tampa , Florida
The Biden administration is very unlikely to step in and prevent the unemployment aid losses. Mississippi, Missouri, Alaska, and Iowa are the first four Republican-led states to scrap their federal unemployment insurance programs. The unemployment aid was extended until early September under President Joe Biden's coronavirus relief law enacted three months ago. The president said last week that it "makes sense" for federal unemployment aid to expire on Labor Day. Then White House press secretary Jen Psaki said Republican governors have "every right" to cancel the administration's jobless aid programs.
Persons: Biden, Andrew Stettner, Stettner, Tate Reeves, Joe Biden's, Jen Psaki, Sen, Bernie Sanders, , Ron Wyden Organizations: Iowa yanks, Republican, Republicans, Labor, Labor Department, GOP, Oregon, Politico Locations: Mississippi , Missouri, Alaska, . Mississippi , Missouri, Iowa, Mississippi
Asia stocks up, U.S. bond yields down as inflation fears ease
  + stars: | 2021-06-11 | by ( Andrew Galbraith | ) www.reuters.com + 0.00   time to read: +4 min
SHANGHAI (Reuters) - U.S. bond yields dipped to three-month lows and a broad gauge of Asian shares rose on Friday as investors looked past rising U.S. consumer prices and focused on one off-factors which suggested higher inflation could be short-lived. Data overnight showed the U.S. consumer price index posted its biggest year-on-year increase since August 2008 at 5%, following a 4.2% rise in April. “But the Fed, which meets next week, can still point to no deviation of inflation expectations to back up its continued mantra of transitory inflation. The 10-year U.S. Treasury note’s yield dipped to a three-month low of 1.4340%, down from Thursday’s close of 1.459%. Hopes for stronger economic demand following the U.S. unemployment claims report lifted oil prices to two-year highs on Thursday.
Persons: Kim Kyung, DAX, , Rob Carnell, Seoul’s, Larry Hu Organizations: REUTERS, Federal, European Central Bank, . Labor Department, Japan’s Nikkei, ING, Macquarie, Dow Jones, Nasdaq, Treasury, Brent, U.S . West Texas Locations: SHANGHAI, Tokyo, Japan, U.S, Asia, Pacific, Singapore, China, Hong Kong, Thursday’s
LONDON/SHANGHAI (Reuters) - Shares gained on Friday and bond yields fell from the United States to Europe as investors shrugged off rising U.S. consumer prices, even as fears of longer-term inflation lingered. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 10, 2021. London shares gained 0.6%, helped by a 1% gain for the mining sector, while Paris climbed 0.4%. The rise in the U.S. consumer price index reflected short-term adjustments related to the reopening of the economy, some economists say. “We are going to get a further boost from the consumption side, and we therefore expect bond yields moving higher.”The U.S. dollar fell as yields dipped.
Persons: , Kiran Ganesh, , Jeremy Gatto Organizations: REUTERS, Staff, London, European Central Bank, Wall, Federal, . Labor Department, Treasury, UBS Global Wealth Management, , Investors, U.S Locations: SHANGHAI, United States, Europe, Frankfurt, Germany, Paris, U.S, London, Asia, Pacific, Japan, coronavirus, Unigestion
London shares gained 0.7%, helped by a 2.3% jump for the mining sector, while Paris climbed 0.8%. The MSCI world equity index, which tracks shares in almost 50 countries, gained 0.1%. “Markets seem to be taking the Fed at its word but when we talk to clients there is concern about long-term inflation.”Euro area bond yields followed suit. “We still think consumers are going to help prices higher, when these economies reopen properly, that people can start travelling again, spending again,” said Jeremy Gatto, investment manager at Unigestion. “We are going to get a further boost from the consumption side, and we therefore expect bond yields to move higher.”The U.S. dollar slipped as yields dipped before edging back up.
Persons: Toby Melville, , Kiran Ganesh, , Jeremy Gatto Organizations: London Stock Exchange Group, City of, REUTERS, London, European Central Bank, Wall, Federal, . Labor Department, Treasury, UBS Global Wealth Management, , Japan, Investors, U.S, Brent Locations: United States, City, City of London, Britain, Paris, Europe, U.S, London, Asia, Pacific, coronavirus, Unigestion, China
In morning trade in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.18%. “But the Fed, which meets next week, can still point to no deviation of inflation expectations to back up its continued mantra of transitory inflation. “Because of very strong external demand the negative impact from credit deceleration should be OK in the next three to six months, mainly thanks to the strong demand from the U.S.,” said Larry Hu, economist at Macquarie in Hong Kong. The spread between the 2-year and 10-year yield also hit its narrowest level since late February, as inflation expectations eased. Hopes for strong economic demand following the U.S. unemployment claims report lifted oil prices to two-year highs on Thursday.
Persons: , Rob Carnell, Seoul’s Kospi, Larry Hu Organizations: Nikkei, . Labor Department, Japan, Japan’s Nikkei, ING, Macquarie, Dow Jones, Nasdaq, Treasury, Brent, U.S . West Texas Locations: Asia, Japan, SHANGHAI, Pacific, Singapore, China, U.S, Hong Kong, Thursday’s
European stocks inch higher as global markets assess inflation spikes
  + stars: | 2021-06-11 | by ( Elliot Smith | ) www.cnbc.com + 0.00   time to read: +2 min
European markets were fractionally higher on Friday as global markets shrug off a sharp rise in U.S. inflation, with many strategists believing it to be transitory. However, strategists have suggested there is enough evidence in Thursday's data to sustain the Fed's assertions that hotter-than-expected inflation will be transitory. Core inflation, which excludes food and energy prices, rose 3.8% to notch its sharpest increase in nearly three decades. Markets in Asia-Pacific were muted in overnight trade after the S&P 500 sailed to fresh record highs stateside on Thursday. The pan-European Stoxx 600 added 0.2% in early trade, with basic resources climbing 1.1% while banks fell 0.6%.
Persons: Charlie Ripley, Boris Johnson Organizations: U.S . Federal Reserve, U.S . Labor Department, Allianz Investment Management, British, National Statistics, CNBC PRO Locations: Asia, Pacific, Europe, Cornwall, U.K
"But the Fed, which meets next week, can still point to no deviation of inflation expectations to back up its continued mantra of transitory inflation. Seoul's Kospi (.KS11) was up 0.32%, Australian shares (.AXJO) added 0.14% and Hong Kong's Hang Seng index (.HSI) gained 0.53%. "Because of very strong external demand the negative impact from credit deceleration should be OK in the next three to six months, mainly thanks to the strong demand from the U.S.," said Larry Hu, economist at Macquarie in Hong Kong. The spread between the 2-year and 10-year yield also hit its narrowest level since late February, as inflation expectations eased. Hopes for strong economic demand following the U.S. unemployment claims report lifted oil prices to two-year highs on Thursday.
Persons: Rob Carnell, HSI, Larry Hu Organizations: . Labor Department, Japan's Nikkei, ING, Macquarie, Dow Jones, Nasdaq, Treasury, Brent, U.S . West Texas, Thomson Locations: Asia, Pacific, Japan, Singapore, China, U.S, Hong Kong, Thursday's
The Fed could be facing a jobs headache in its inflation fight
  + stars: | 2021-06-11 | by ( Jeff Cox | ) www.cnbc.com + 0.00   time to read: +7 min
Those higher salaries in turn will trigger higher prices and could lead to the kinds of longer-term inflationary above-normal pressures that the Fed is trying to avoid. "Whatever is happening here, the Fed needs large numbers of these people to return to the labor force in the fall." In their most recent forecast, Fed officials put core inflation at 2.2% for all of 2021; Shepherdson said the current numbers suggest something closer to 3.5%. While LaVorgna sees inflation as staying relatively under control, he thinks the Fed could face problems from deflationary pressures. The central bank doesn't like inflation that's too low, as it creates a low-expectation cycle that constricts monetary policy during downturns.
Persons: Mike Blake, Ian Shepherdson, Shepherdson, Coursera, David Wilkinson, Wilkinson, Joseph LaVorgna, LaVorgna, Michael Pearce, Leah Millis Organizations: KB, Reuters, U.S . Labor Department, Pantheon, Fed, CPI, NCR, NCR Retail, Americas, National Economic Council, Treasury, University of Michigan, Capital Economics, Federal Reserve Board Locations: Valley Center , California, Atlanta, Natixis, Washington , U.S
read more"The Fed is getting some traction on its message that the inflation pressures are transitory," said Colin Asher, senior economist at Mizuho in London. Fed officials have repeatedly tamped down fears of inflation running persistently higher than its 2% target, while pointing out they have tools to keep it under control. The statement following the Fed policymakers' regular meeting next week and comments from Fed Chair Jerome Powell will be closely watched for the central bank's latest view on inflation. A widely watched barometer of inflation expectations, the breakeven inflation rate (BEI) for 10-year Treasury Inflation Protected Securities , measuring the difference between 10-year TIPS real yields and the 10-year note yield, was at 2.35%, near a two-month low of 2.326% hit on Wednesday. That indicates that markets do not see inflation averaging much over the Fed's 2% target over the next decade.
Persons: Colin Asher, Jerome Powell, Peter Rutter, Joseph LaVorgna, Mark Grant, Organizations: Federal, Treasury, Thursday's Labor Department, Mizuho, Fed, Royal London Asset Management, Securities, Riley, Labor Department, Thomson Locations: U.S, London, Americas, New York, Fort Lauderdale , Florida
TREASURIES-Traders rethink CPI message and send down yields
  + stars: | 2021-06-10 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield was down 2.2 basis points at 1.4671% in afternoon trading, near its low for the session and the least since March. The trading moved down the part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations. It was at 131 basis points, about 2 basis points lower than Wednesday's close and also its lowest since March. The 10-year TIPS yield was at -0.889% and the breakeven inflation rate was at 2.348%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down less than a basis point at 0.1508%.
Persons: Ross Kerber, Andy Richman, Richman, Ben Jeffery, Chizu Nomiyama Organizations: Treasury, U.S . Labor Department, U.S . Federal Reserve, Sterling Capital Management, U.S, BMO Capital Markets Locations: U.S, York, Boston
MSCI’s benchmark, the S&P 500 and a key European index surged to record highs after the U.S. Labor Department said the consumer price index in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008. In a sign of market complacency, the 10-year U.S. Treasury note’s yield fell 1.2 basis points to 1.4772% after earlier rising above 1.5% following the data’s release. On Wall Street, the Dow Jones Industrial Average rose 0.35%, the S&P 500 gained 0.45% and the Nasdaq Composite added 0.49%. A surprisingly strong U.S. inflation print in April spooked investors, sparking a cautious run into Thursday’s of May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , , MSCI’s Organizations: U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, European Central Bank, Morgan Locations: New York, Natixis, U.S, Treasuries
TREASURIES-Yields higher after consumer price data
  + stars: | 2021-06-10 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield was up 2.7 basis points at 1.5161% in morning trading and had reached as high as 1.535%. The increase in the 10-year yield broke a pattern of declines in recent days but left the note still below its range of last week. The trading pushed up the part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations. It was at 136 basis points, about 2 basis points higher than Wednesday's close. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up less than a basis point at 0.1568%.
Persons: Ross Kerber, steepening, Subadra Rajappa, Chizu Nomiyama Organizations: Traders, Treasury, U.S . Labor Department, U.S . Federal Reserve, Societe Generale, U.S Locations: U.S, New York, Boston
US STOCKS-Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. Focus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: , Mark Grant, Ambar Warrick, Maju Samuel Organizations: Boeing, Dow, Nasdaq, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Clover Health, GameStop Corp, Securities and Exchange Commission, Reuters United Airlines, Airbus, Ocugen Inc Locations: Bengaluru
From Beans to Burgers, Food Is Getting More Expensive
  + stars: | 2021-06-10 | by ( Annie Gasparro | ) www.wsj.com sentiment -0.99   time to read: +1 min
Soup, Spam and Shake Shack burgers are all getting more expensive as food companies pass along higher costs to consumers. Smucker Co. are among food makers raising prices at supermarkets. “We’re in a period of unprecedented commodity inflation,” Unilever Chief Executive Officer Alan Jope told investors Monday. More expensive used cars and trucks fueled the increase, according to Labor Department data, and prices for furniture and airfare also jumped. Food prices are rising because of the higher costs for labor and transport but also ingredients including corn, soybean oil and wheat.
Persons: General Mills, Campbell, Alan Jope, airfare Organizations: General, General Mills Inc, Co, Unilever PLC, Grill Inc, Unilever, Labor Department Locations: Smucker
U.S. Inflation Is Highest in 13 Years as Prices Surge 5%
  + stars: | 2021-06-10 | by ( Gwynn Guilford | ) www.wsj.com sentiment -0.96   time to read: +1 min
The U.S. economy’s rebound from the pandemic is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago. The Labor Department said last month’s increase in the consumer-price index was the largest since August 2008, when the reading rose 5.4%. Prices for used cars and trucks leapt 7.3% from the previous month, driving one-third of the rise in the overall index. A separate reading showed the U.S. labor market continued to heal from the pandemic, with initial claims for unemployment benefits falling to another pandemic low. Stocks edged higher on the inflation and labor market news.
Organizations: U.S, Labor Department
Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
Morning sunlight falls on the facade of the New York Stock Exchange (NYSE) building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File PhotoU.S. stock indexes were set for a muted open on Thursday as a surge in consumer prices in May fanned fears of early policy tightening by the Federal Reserve, while another report showed the labor market remained under pressure. The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. read moreFocus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: Mike Segar, Mark Grant Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Nasdaq, Clover Health, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, Thomson Locations: Manhattan, New York City , New York, U.S
The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. ET, the Dow Jones Industrial Average (.DJI) was up 230.84 points, or 0.67%, at 34,677.98, the S&P 500 (.SPX) was up 27.27 points, or 0.65%, at 4,246.82. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 38 new 52-week highs and no new low, while the Nasdaq recorded 58 new highs and six new lows.
Persons: Mike Segar, Mark Grant, Scott Brown, Raymond James Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley Financial, Fed, Dow Jones, Nasdaq, Clover Health, AMC, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, St . Petersburg , Florida
S&P 500 brushes off rising inflation to hit record high
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Mike Segar/File PhotoU.S. stocks rose on Thursday and the S&P 500 hit a record intraday high as investors juggled signs of a swift economic recovery with concerns over the Federal Reserve tapering its massive monetary stimulus. The S&P 500 (.SPX) hit a record high of 4,249.74. ET, the Dow Jones Industrial Average (.DJI) was up 123.39 points, or 0.36%, at 34,570.53 and the S&P 500 (.SPX) was up 18.18 points, or 0.43%, at 4,237.73. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 48 new 52-week highs and no new lows, while the Nasdaq recorded 72 new highs and nine new lows.
Persons: Mike Segar, Mark Grant, Christine Lagarde Organizations: New York Stock Exchange, REUTERS, Labor Department, CPI, Riley, Dow Jones, Nasdaq, European Central Bank, Clover Health, AMC, GameStop Corp, SEC, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S
Consumer Prices Likely Rose Strongly Again in May as Economy Rebounded
  + stars: | 2021-06-10 | by ( Gwynn Guilford | ) www.wsj.com sentiment -1.00   time to read: +1 min
U.S. consumer prices likely continued to rise rapidly in May as the economic recovery picked up, reflecting a surge in demand along with shortages of labor and materials. The core-price index, which excludes the often-volatile categories of food and energy, likely rose 3.5% in May from a year before, they estimated. They also projected that the index rose a seasonally adjusted 0.5% in May from April. Compared with two years ago, overall prices rose a more muted 2.2% in April. Overall prices, however, jumped at a 7.2% annualized rate in the three months ended in April.
Organizations: Wall, Labor Department Locations: Covid
Jobless Claims Likely Eased Last Week
  + stars: | 2021-06-10 | by ( Sarah Chaney Cambon | ) www.wsj.com sentiment -1.00   time to read: +1 min
The number of workers seeking unemployment benefits likely marched further downward last week, a sign that companies are hesitant to lay off employees as the economy quickly recovers. Jobless claims are at the lowest levels since the pandemic hit last spring. Economists surveyed by The Wall Street Journal expect the Labor Department to report that claims, a proxy for layoffs, declined to 370,000 last week from 385,000 a week earlier. Claims remain well above weekly filings of just over 200,000 logged before the pandemic shut down large parts of the economy in March 2020. Employers added 559,000 jobs in May, falling short of many economists’ predictions and reflecting businesses’ difficulties filling open jobs as potential workers remain on the sidelines.
Persons: , David Berson Organizations: Wall, Labor Department, “ Employers, Nationwide Mutual Insurance Co, Employers
Which Higher Prices Are Here to Stay?
  + stars: | 2021-06-10 | by ( Gwynn Guilford | ) www.wsj.com sentiment -1.00   time to read: +1 min
Overall consumer prices jumped 5% in May from a year earlier—the biggest increase since 2008, the Labor Department reported Thursday. Some of these increases—such as for airfares, restaurants and women’s suits—reflect a return to normal, or pre-pandemic price levels, after prices collapsed last year due to business closures and restrictions and consumers’ fear of traveling and getting infected. Other price rises, however, could reflect more lasting changes in workers’ and consumers’ behavior over the past year. Here are some examples of May price increases hitting consumer pocketbooks directly:Returning to NormalRestaurants: Prices for meals at full-service establishments rose 0.6% in May from the month before, and were up 4% from a year earlier. Meanwhile, grocery prices are rising more slowly this year than during 2020, when people shifted to eating more at home.
Persons: Price Organizations: Labor Department
Britni Mann speaks with a potential employer during a job fair at Hembree Park in Roswell, Georgia, U.S. May 13, 2021. But the pent-up demand unleashed by the resumption of business operations is straining the supply chain and fanning inflation pressures. That would be the biggest year-on-year increase since September 2008 and follow a 4.2% rise in April. Though layoffs are abating, initial claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions. The benefits being terminated early include a weekly $300 unemployment subsidy, which businesses say is discouraging the jobless from seeking work.
Persons: Britni Mann, Chris Aluka Berry, Jerome Powell, Sam Bullard Organizations: REUTERS, Labor Department, CPI, Thomson Locations: Roswell , Georgia, U.S, Wells, Charlotte , North Carolina, Florida, Texas
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