Weekly economic review & outlook
Policy changes do not come easily
September 13, 2021
You Need to Know
Week in review
Job openings rise to another all-time high
At 10.9 million, there are many more job openings than unemployed. But that doesn’t mean that excess demand related imbalances will end soon.
Jobless claims continue to trend lower
Initial jobless claims continue to progress toward pre-Covid levels, having fallen by more than 90 percent from the peak.
Consumer price growth should slow but remain rapid
Even if many of the impacts from transitory factors are behind us, upward price pressures remain and will likely continue to drive strong growth in consumer prices.
Retail sales held back by vehicle sales again
Although there are reasons to believe some retail sectors experienced a rebound in August, another bad month for vehicle sales should result in a further decline in retail sales.
The impact from the Delta variant of Covid has had a decidedly negative impact on the supply side of many industries and the overall economy. Despite solid economic activity, strong demand for workers, plentiful hiring, and even rising prices, lingering supply chain problems — worsened by Delta — are holding back growth in the global economy.