America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.
“Yes, we saw a bump in wages,” Bovino said. But with inflation at 40-year highs “people are still squeezed.”
In addition, the vast economic aid that the government had been supplying to households has expired. And Russia’s invasion of Ukraine has helped accelerate inflation and clouded the economic outlook. Some economists warn of a growing risk of recession. And in yet another sign that workers are enjoying unusual leverage in the job market, a record 4.5 million people quit their jobs in March, evidently confident that they could find a better opportunity elsewhere.
“Trying to slow the economy just enough, without causing a recession,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “Their track record on that is not particularly good.” David Culhane is one of them. Since opening the White Mountain Tavern in Lincoln, New Hampshire, in August 2020, Culhane has raised his hourly starting wage from $12 to $15. Yet he still can’t bring his employee count up to the 15 he needs. He worries that he won’t have enough people to handle the summer tourist season.
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