Despite the inflation surge, damage from COVID-19 and now a war in Europe, employers have added at least 400,000 jobs for 11 straight months.
Retail industry experts say we could see more consumer products start shrinking in size or quantity -- or both -- because of rising costs.
As the pandemic has eased, consumers have been broadening their spending beyond goods to services, such as health care, travel and entertainment, which they had long avoided during the worst of the pandemic. The resulting high inflation is causing hardships for many lower-income households that face sharp price increases for such necessities as food, gasoline and rent.
Reinhart said he expects higher interest rates, on top of the expiration of government aid, to eventually slow hiring to"a more sustainable" pace. "Even if you get all the unemployed workers back, it still leaves a gap,'' she said."We need to attract people back into the workforce.''
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