A quick bit of economic news offers a counterpoint to the celebration of labor leaders and higher wages.
TKC reality check . . .
Whilst we don't claim to understand macroeconomics, a few more bucks for workers might not be keeping up with SOARING COSTS amid the current epoch of free money from the feds.
Even better . . . Check a local labor link and then some big picture news . . .
A strange jobs report came out Friday. The number of jobs went up more than expected, but so did the unemployment rate. The numbers should have brought good news with 850,000 new jobs created during the month of June, which was more than expected.
President Joe Biden has encouraged businesses to fix staffing shortages with a simple solution: more money. "Pay them more," Mr Biden said in a stage whisper for dramatic effect. "This is an employees' bargaining chip now." "They (businesses) are going to have to compete and pay people a decent wage," the president continued.
WASHINGTON (AP) - In an encouraging burst of hiring, America's employers added 850,000 jobs in June, well above the average of the previous three months and a sign that companies may be having an easier time finding enough workers to fill open jobs. Watch the president's remarks in the player above.
Employment growth may be disappointing to some economists, but Biden officials note that wages are rising. Inflation is hitting consumers, but the Federal Reserve considers it transitory. Homeowners may have to wait months for furniture and appliance deliveries, but that's because the economy is roaring back faster than predicted.
WASHINGTON (AP) - Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary. Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years.
light increases in the rate of inflation in the United States and Europe have triggered financial market anxieties. Has Joe Biden's administration risked overheating the economy with its $1.9tn (£1.3tn) rescue package and plans for additional spending to invest in infrastructure, job creation and bolstering American families?
A Federal Reserve official said Thursday that he expects prices for most goods and services to remain elevated through 2022 as consumers who are faced with an influx of pandemic cash race to spend it. "Those things I don't think are as easy to fix as some people think," James Bullard told Fox Business' s Maria Bartiromo.
Developing . . .