FT News Briefing Consumer price data stokes inflation fears, US labour shortage
May 13, 2021
US stocks faced significant losses as inflation fears surged, reaching a 13-year high. The Colonial Pipeline resumed operations after a ransomware attack, contributing to rising gas prices and panic buying. Labor shortages are plaguing the U.S. economy, particularly in the hospitality industry, as many employers struggle to recruit workers despite elevated unemployment rates. Innovations in dining and wage hikes are emerging as companies adapt to the shifting labor landscape post-pandemic.
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Inflation Spooks Investors
- U.S. stocks suffered their worst losses in months, with the S&P 500 dropping 2.2%.
- This sell-off was triggered by a surge in inflation, reaching a 13-year high and raising concerns among investors.
Colonial Pipeline Restarts
- The Colonial Pipeline resumed operations after a ransomware attack forced a shutdown.
- The shutdown led to panic buying and a surge in gas prices, reaching their highest since 2014.
LA Restaurant Staffing Struggles
- Matthew Glassman, co-owner of a Los Angeles restaurant, struggled to rehire staff after reopening.
- This difficulty is a new experience, highlighting the broader labor shortage impacting the U.S.