A pair of economic factors — seldom-seen levels of inflation and a record number of workers quitting their jobs — could cause problems as the U.S. heads into the holiday season, but federal officials are urging calm.
Consumer costs are up 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’ll ease, and I say ease, lower, inflationary pressures on our economy.”
At the same time, employers are having to deal with what’s called the “Great Resignation.”
Approximately 4.4 million Americans quit their jobs in September, a total amounting to 3% of the total workforce.
White House press secretary Jen Psaki noted that “it’s a workers’ market right now.”
“People are looking for more dependable benefits,” Psaki said. “They’re looking for wages that are higher, and that’s something that is incumbent on a lot of Industries to meet the moment on.”
With 43 days until Christmas and 13 days until Thanksgiving, some Angelenos are hoping the holidays won’t be ruined by factors outside many peoples’ control.
“I feel for people, especially around the holiday times,” said Elle Suissa, who expressed concern about gas prices on Friday. “I just hope that everybody can have a holiday season where they can afford even the smallest things.”