Inflation:
It should serve as no surprise that today's announcement of 3.8% inflation for April 2026, caused by the spike in gas prices, has affected consumer and business spending, esp. hiring. Inflation is the key indicator of economic uncertainty and when companies and people are unsure of the short-term direction, spending tightens, esp. in recruiting and hiring, the largest cost of doing business. Expect this weakness to occur until gas prices subsidy, which is going to be a while, given the Iranian conflict and supply / demand as we hit the summer vacation period.
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