05/16/2022

Consumer Attitudes:

Inflation is the country's biggest problem right now

Welcome to LinkedIn's The Work Shift, a weekly newsletter that will keep you informed about the economy, labor market and evolving world of work through data-driven insights. 

• Inflation is letting up — just barely. The prices manufacturers charge for their products jumped 11 percent in April from a year earlier. The surge was smaller than the 11.5 percent increase in March. Meanwhile, consumer prices rose 8.3 percent year-over-year, also cooling slightly but still near 40-year highs. Both reports signal continued inflationary pressure, and point to the Federal Reserve hiking interest rates in the coming months.
• Gas prices are spiking again, hitting a record $4.40 per gallon last week, according to AAA. Some relief could be on the way, with crude oil prices dropping as China’s economy slows — but a sustained drop is unlikely. Meanwhile, jet-fuel prices are also soaring, taking the cost of airplane tickets with it.
• The Great Reshuffle likely isn’t going anywhere, according to recent Gartner research. Voluntary turnover is set to remain 20 percent higher than pre-pandemic days — meaning constantly mulling over recruitment and retention strategies is the new norm.

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