The booming U.S. job market reflects a robust rebound from the brief but devastating coronavirus recession, which wiped out 22 million jobs in March and April 2020.
And despite surging inflation, the hiring wave likely continued last month in the face of yet another jolt: Russia’s war in Ukraine, which has unsettled the economic outlook and catapulted gasoline prices to painful levels.
But the recovery has been swift. Fueled by generous federal aid, savings amassed during the pandemic and ultra-low borrowing rates engineered by the Federal Reserve, U.S. consumers have spent so fast that many factories, warehouses, shipping companies and ports have failed to keep pace with their customer demand. Supply chains have snarled, forcing up prices.
two weeks ago and will likely keep raising it well into next year. Those rate hikes will result in more expensive loans for many consumers and businesses. Squeezed by inflation, some consumers are paring their spending. The Commerce Department reported Thursday that Still, the job market has kept hurtling ahead. Employers posted in February. Nearly 4.4 million Americans quit their jobs, a sign of confidence that they could find something better.
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