U.S. Labor Reshuffle Has More Room to Run, Fueling Higher Wages
“The pandemic spurred a historic change in consumer demand, pushing up wages and reshuffling America’s workforce in a way that’s unlikely to reverse anytime soon. Two years after the onset of Covid-19, the labor market has adapted to reflect shifts in spending that’s heavier on goods and lighter on services. Hiring has boomed in transportation and warehousing, and payrolls in retail trade, which saw some of the worst job losses in early 2020 when lockdowns shuttered storefronts, are now higher than before the health crisis.”
Costs of War Mount in Europe as Inflation Soars, Growth Sags
“The economic damage from the war in Ukraine is worsening across Europe as already-record inflation soars further and Germany faces a danger of recession because of its dependence on Russian energy. President Vladimir Putin’s invasion has sapped euro-area confidence and sent consumer-price expectations to their highest level since records began in 1985.”
BOJ’s Kuroda Plays Down Yen Impact of Bond-Buying Operations
“Bank of Japan Governor Haruhiko Kuroda gave another strong indication that the central bank will continue capping long-term bond yields after holding his first meeting with Prime Minister Fumio Kishida since the yen touched its lowest level since 2015. Kuroda met with the premier after another morning of aggressive moves by the BOJ to keep a lid on 10-year yields that have been hovering close to the central bank’s upper limit of around 0.25%.”
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