1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Post-Pandemic Labor Market and Rising Inflation Updated November 22, 2021 As measured by the Consumer Price Index (CPI), published by the Bureau of Labor Statistics (BLS), inflation has increased relatively quickly thr
2、oughout 2021. In October 2021, CPI inflation was 6.2% (measured by the percent change from October 2020), significantly higher than the sub 2% inflation that had become commonplace since the 2008 financial crisis. There are several reasons this could be occurring, and some have pointed to the labor
3、market as an explanation. This Insight discusses the theoretical connection between the state of the labor market and inflation, recent trends in the labor market, and the dynamics between current labor market conditions and rising inflation in the economy. Inflation and the Labor Market Inflation i
4、s typically attributed to any number of causes, one of which is increasing production costs. Put simply, if it costs businesses more to produce goods and services, they will, under most market conditions, charge more for the final products. There are several inputs in the production process, includi
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