The economy’s hiring gains have been remarkably consistent in the face of the worst inflation in four decades.
The economy’s hiring gains have been strikingly consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months.
In the meantime, employers keep handing out pay raises. Hourly wages rose 0.3% from March to April and 5.5% from a year ago. Prices, though, are rising faster than pay is. For now, the resilience of the job market is particularly striking when set against the backdrop of galloping price increases and rising borrowing costs. This week, the Labor Department provided further evidence that the job market is still booming. It reported that only 1.38 million Americans were collecting traditional unemployment benefits, the fewest since 1970. And it said that employers posted a record-high 11.
The Fed, which most economists say was much too slow to recognize the inflation threat, is now raising rates aggressively. Its goal is a notoriously difficult one: a so-called soft landing.
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