Here's why the rest of the jobs recovery will be bumpy
CNN
Friday's jobs report will shed some light on whether August's disappointing numbers were just a blip — or the start of an unwelcome trend. Either way, the recovery could be bumpy until America gets all the way through the Covid crisis.
"The pandemic has always been in the driver's seat of this recovery," said Nela Richardson, chief economist at ADP, during a call with reporters Wednesday. "The name of the jobs recovery game is still 'uneven'."
Last year, the labor market was quite fragile, and during the colder months, the battered leisure and hospitality industry lost jobs — something that could happen again this year. Meanwhile, hundreds of thousands of women left the labor force in September 2020 as children returned to virtual classrooms and parents had to step in as teaching assistants.
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The latest Producer Price Index, a closely watched measurement of wholesale inflation, rose 0.1% in May, lifting the annual rate to 2.6%, according to Bureau of Labor Statistics data released Thursday.
Britain’s economy shrank by the most in nearly two years in April, when President Donald Trump’s tariffs also caused UK goods exports to the United States to fall by a record amount.
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The Washington Post on Wednesday announced it has a new Opinion editor. The move comes four months after it announced a “significant shift” to the Opinion page and the departure of its embattled section chief.
JPMorgan Chase CEO Jamie Dimon warned on Tuesday that encouraging economic data could soon turn worrisome as President Donald Trump’s tariffs continue to bite.
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Commerce Secretary Howard Lutnick, back in Washington after two days helping to negotiate a US-China trade framework in London, said Wednesday that Trump gave his team permission to back off its aggressive stance against China to get a deal done.
White House AI czar David Sacks dismissed concerns about the potential impact of artificial intelligence on the job market on Tuesday following a dire warning from Anthropic CEO Dario Amodei that unemployment could climb as high as 20 percent in the next one to five years.
Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.
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Cara Petersen, the Consumer Financial Protection Bureau’s acting enforcement director, resigned from the agency on Tuesday. In an email to colleagues announcing her decision, Petersen slammed the Trump administration’s efforts to dismantle the agency, which was established as a banking watchdog following the 2008 global financial crisis.
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