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.
"We continue to expect that the Federal Reserve will move rates up expeditiously to counter surging inflation, and that this report only adds more urgency to their plans to do so,'' said Mike Fratantoni, chief economist at the Mortgage Bankers Association. 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.
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