Scorching Inflation Hits New Heights by 9.1% in U.S., Highest Since 1981

Inflation in the U.S. rose unexpectedly in June 2022 to a fresh four-decade as prices rose 9,1% from last year and 1.3% from last month. This price shock is pushing the Federal reserve to move aggressively to cool down the inflation which could possibly trigger the recession. The bottom line is that since 1981 inflation is rising at the fastest rate.

“While today’s headline inflation reading is unacceptably high, it is also out-of-date. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June” President Biden said.

So, it has become important more than ever to start searching jobs near me on your devices to arrange extra income resources to protect yourself and your family from the hard times coming up.

Long queues are already back around the U.S. as working Americans are overwhelmed by inflation and they are turning to food banks to feed their families.

Long lines are back at food banks around the U.S. as working Americans overwhelmed by inflation turn to handouts to help feed their families. With gas prices increasing with grocery costs, many people are seeking for charitable food for the very first time in their lives.

There are signs that this soaring inflation is already under control ahead of further financial tightening:

  • Over past few years core inflation slightly slowed down from 6.0% to 5.9%. It increased to 0.7% over the month, compared to 0.6% in the last 2 months. However, a slow down is expected to be ahead of us since international shipping costs have reduced in recent months for the producers because of the ease of global supply chain pressures.
  • Since the most recent hike in June, 2022, TIPS(Treasury Breakeven Inflation Rate) is downward at 2.32%. The number suggests that inflation is expected to be around 2.3% over the next 10 years which with aligned with the Fed’s target of 2 to 2.5%. So, the investors believe that everything is under control.
  • Gas prices were $5.01 a month ago and they are down to $4.63 as of now. Since energy is a common input in every industry such as food and transportation and it contributed nearly half of all items increase in June’s high number, the impact of its high prices on consumers is not limited to 8%.

High Prices are Wide Ranged with Food, Gas, and Housing Costs Being the Largest Contributors. High inflation is also affecting the labor market.

There are multiple ways by using which job seekers are trying to alter their job search plans to escape the upcoming recession. Above all they are flocking towards remote jobs to cut off the transportation costs. High gas prices and car prices with less available inventory have made commute extremely expensive. That’s why 37.5% of the job seekers have said that increasing gas prices are pushing them to work remotely more likely.

The most common job query coming up in Google or Bing results is remote jobs near me. They are not only looking for an opportunity to work remotely but also closest to their residence so that if it is required, they need to spend less money on the commute. Wise Enough!

Furthermore, where the employers are fiercely competing for sound candidates, 48% job seekers said that they had already secured at least one job offer in June 2022, however 26.7% cited that they rejected the job offer because of not enough pay.

On a whole, every consumer is trying hard to save themselves from this inflation and federal reserve is there to support them through.

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