11/27/2022 0 Comments Giving usa 2020 infographic![]() ![]() No one likes rising prices, but this year’s inflation has been especially hard on low-income households. That is the sharpest 12-month spike since June 1982. The consumer price index increased 7 percent in December compared with the same period a year ago. Well, that vibe you’re feeling could be down to the early 1980s-like inflation in the US. Inflationįeel like putting on a pair of leg warmers and doing some jazzercise to Olivia Newton John’s, Physical? That trend continued in December, with average hourly earnings for all employees on private nonfarm payrolls increasing 4.7 percent from a year ago.īut fatter paycheques, while welcome, are not stretching as far as they did before Biden took office, thanks to surging inflation. To lure scarce job seekers, businesses have been boosting pay and sweetening benefits packages. That’s not surprising given job openings on the final day of November were also near a record high. To get an idea of just how hot the jobs market is in the US, take a look at how many Americans are telling their bosses, “I quit”.Ī record 4.5 million Americans voluntarily quit their jobs in November, signalling that workers feel very confident about their employment prospects. So much so that American workers haven’t enjoyed this kind of bargaining power for decades. That leaves the US 3.6 million jobs shy of regaining all of the 22 million jobs lost in the opening months of the pandemic back in 2020.īut don’t let that gap fool you. For the whole of 2021, job growth averaged 537,000 a month. īut the economy only created a disappointing 199,000 jobs in December. Last month was the first time since the pandemic struck that the jobless rate dipped below 4 percent as it closed in on its pre-pandemic level of 3.5 percent from February 2020. When he was sworn in on January 22, 2021, the nation’s unemployment rate was 6.9 percent. You can’t blame President Biden for taking a victory lap where the United States jobs market is concerned. We take a look at important economic indicators across the past year. Despite promising numbers in several key areas, inflation is dampening Americans’ view of the economy. One year into Joe Biden’s presidency and the economic news is decidedly mixed. ![]()
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