A couple of economic factors – rare levels of inflation and a record number of workers quitting their jobs – can create problems when the US goes into the holidays, but the federal government is asking for calm.
Consumer costs are up 6.2% from a year ago, the highest increase in around 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 increase the economy and we will ease, and I say ease, reduce, the inflationary pressure on our economy.”
At the same time, employers have to deal with what is called “the great resignation.”[ads1];
About 4.4 million Americans quit their jobs in September, a total of 3% of the total workforce.
White House Press Secretary Jen Psaki noted that “there is a labor market right now.”
“People are looking for more reliable benefits,” Psaki said. “They are looking for higher wages, and that is something that many industries are facing at the moment.”
With 43 days until Christmas and 13 days until Thanksgiving, some Angelenos hope the holidays will not be ruined by factors beyond the control of many people.
“I sympathize with people, especially around the holidays,” said Elle Suissa, who expressed concern about gas prices on Friday. “I just hope everyone can have a holiday where they can afford even the smallest things.”
Suggest a correction