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Reuters

Record job-switching rates are pushing U.S. inflation higher, Chicago Fed study finds

The unprecedented level of job switching seen last year as the U.S. labor market rebounded from the pandemic gave workers more leverage to ask for better pay and played a role in pushing inflation to its highest level in decades, a new study suggests. An increase in the share of people who searched for jobs while they were employed helped boost inflation by about 1 percentage point throughout much of last year, according to a paper released on Monday by the Chicago Federal Reserve. “Workers’ propensity to search for another job is an important driver of inflation,” said Leonardo Melosi, a senior economist for the Chicago Fed and a co-author of the report.

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