have reported difficulty in hiring as the economic recovery ramps up. Payroll growth is expected to near 1 million new jobs in April, but worker shortages could curb the labor market's rebound sooner than economists expected.
The growing backlogs and rising material costs are likely to augment the sharp rise in inflation that thehas been warning of for months. Officials have said that reopening and stimulus would boost price growth in the near term before this"transitory" surge fades away. Manufacturers reported passing down higher input costs to their clients, adding to the inflationary dynamics seen elsewhere in the economy. The rate of sector-specific inflation cooled slightly from March, but still registered at its second fastest on record, according to IHS Markit.
Still, experts see most of the industry pressures easing as the economy settles into a new normal. The continued rollback of economic restrictions will help firms more effectively address issues curbing production, Oren Klachkin, lead US economist at Oxford Economics, said. "Supply-chain stress will hinder, but not derail, manufacturing's expansion," he added."Bottlenecks will gradually open up as the global economy returns to full health."Subscribe to push notificationsStart your day with the biggest stories in politics and the economy. Sign up for 10 Things in Politics.
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