American Labor Costs Jump Most On Record

Labor costs swelled the most on record according to the Bureau of Labor Statistics this morning as reported in Bloomberg.

Taken with yesterday’s news that gross domestic product unexpectedly dropped by -1.4% as opposed to the predicted increase of 1.1%, this large jump in labor costs shows that inflation is distributed across the economy amongst producers, wholesalers, and consumers.

This is another sign that the challenges facing the economy are stagflationary (soft growth + inflation) and opposed to transitory or short lived during the reopening globally following the pandemic related lockdowns.

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