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New York Soaring prices are weighing on consumer sentiment, but Americans have not cut back on their spending -- at least not yet. Now, some economists worry that along with the tight labor market and rising wages, high inflation could become a self-fulfilling prophecy.
America's job market is on fire, and most workers who have quit have moved on to jobs with higher pay or better benefits. While this wage inflation isn't a major driver of the pandemic-era price hikes yet, it is adding to a unique inflation situation."Strong job growth will continue to put upward pressures on wages, resulting in higher income and more secure jobs," said Richard Curtin, chief economist for the University of Michigan's Surveys of Consumers.
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