Despite surging inflation and war in Ukraine, the hiring wave likely continued last month, a blazing winning streak in wildly uncertain times.
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 result: Inflation is running at 40-year highs, causing hardships for many lower-income households that face sharp increases for such necessities as food, gasoline and rent.
Squeezed by inflation, some consumers are paring their spending. The Commerce Department reported Thursday that consumer spending rose just 0.2% in February — and fell 0.4% when adjusted for inflation — down from a 2.7% increase in January. “We’re still seeing a very tight labor market,’’ said Karen Fichuk, CEO of the staffing company Randstad North America, who noted that the United States now has a record 1.7 job openings for every unemployed person.
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