As the U.S. economy continues to rebound from the pandemic recession, lots of people are going back to work — but not as quickly as many employers would like. Employers added 943,00 jobs in June.
Republican governors are moving to end $300-a-week pandemic payments for the unemployed in a controversial effort to push people back to work. Four states are set to end them this week.
U.S. employers added 559,000 jobs last month, as the unemployment rate fell to 5.8% from 6.1% in April. Employers say they could use even more workers as demand surges and pandemic fears recede.
Prices are jumping as the economy rebounds from the pandemic, but the Biden Administration and the Federal Reserve say a return to 1970s-style inflation is unlikely.
The U.S. economy grew at a rapid pace in the first three months of the year as more people got vaccinated and the federal government pumped hundreds of billions of dollars into people's pockets.
Retail sales jumped nearly 10% in March, as shoppers, flush with $1,400 relief payments, are feeling more confident about venturing out. Weekly unemployment claims dropped to a pandemic low.