A few economic factors – rarely seen inflation levels and a record number of workers quitting their jobs – can cause problems as the United States enters the holiday season, but federal officials are calling for calm.
Consumer costs have risen 6.2% from a year ago, the highest increase in about three decades, according to the Bureau of Labor Statistics.
President Joe Biden believes the problem is short-term.
“If we do it right, we know what it will mean,” Biden said. “It will create millions of new jobs, it will grow the economy, and we will ease, and I say ease, lower, inflationary pressures on our economy.”
At the same time, employers have to deal with what is called “the big layoff.”
About 4.4 million Americans quit their jobs in September, representing a total of 3% of the total workforce.
White House Press Secretary Jen Psaki noted that “it is a labor market right now.”
“People are looking for more reliable benefits,” Psaki said. “They’re looking for wages that are higher, and that’s something that many industries are facing at the moment.”
With 43 days to Christmas and 13 days to Thanksgiving, some Angelenos hope the holiday is not ruined by factors beyond the control of many people.
“I sympathize with people, especially around holidays,” said Elle Suissa, who on Friday expressed concern about gas prices. “I just hope everyone can have a holiday season where they can afford even the smallest things.”
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