WRAPUP 3-U.S. labor market recovery gaining steam; inflation heating up [Reuters]
Wells Fargo & Company (WFC)
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Source: Reuters
U.S. labor market recovery gaining steam; inflation heating up By Lucia Mutikani 6 Min Read WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months, while consumer prices increased solidly in May as the pandemic’s easing grip on the economy continues to boost domestic demand. The recovery from the COVID-19 recession is also being fueled by massive fiscal stimulus and record-low interest rates, straining supply chains. Companies are scrambling for labor and raw materials. Surging prices for used cars and trucks accounted about one-third of the rise in consumer inflation reported by the Labor Department on Thursday. A global semiconductor shortage has undercut motor vehicle production. The recovering labor market and accelerating inflation will have no impact on monetary policy. Federal Reserve Chair Jerome Powell has repeatedly stated that higher inflation will be transitory. “The belief remains
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/17/24 - Form 424B2
- 4/17/24 - Form PX14A6G
- 4/16/24 - Form 3
- WFC's page on the SEC website