Record job openings, higher consumer price expectations, TikTok job applications, Gen Z spending trends, and another extension of Governor Ned Lamont’s emergency powers are among the top business news items this morning.
National
Labor Department figures show that job openings rose to a record 8.12 million in March, with actual hires proceeding at a slower pace. The data further compounds worries that labor shortages may contribute to inflation as well as a slower than expected economic recovery.
Economists polled by the Wall Street Journal expect the Labor Department to report a 3.6 percent increase to its consumer price index in April, which would be a 10-year high. The inflationary pressure is being attributed to a variety of causes, including increased consumer demand amid the economic recovery from the COVID-19 pandemic.
Business trends
TikTok is launching a pilot program aimed at helping employers connect with employees, particularly younger applicants. The recruiting tool operates separately from TikTok, but allows applicants to use the app to post video resumes or pitches.
A study by Pinterest highlights several areas where Generation Z is likely to direct their spending as business restrictions are eased. The report suggests that searches by younger consumers are concentrated on vacation opportunities, parties, apparel, and makeup.
Connecticut
The Connecticut House of Representatives has voted largely along party lines to extend Governor Ned Lamont’s emergency powers another two months to July 20. The chamber also unanimously passed a bill creating greater legislative oversight over such emergencies.
