Consumer price data stokes inflation fears, US labour shortage
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 13 May 2021
⏱️ 9 minutes
🧾️ Download transcript
Summary
US stocks suffered their worst losses in months and government bonds also fell after government data showed the US inflation rate jumped to a 13-year high, and the Colonial pipeline has resumed operations following last week’s ransomware attack. Plus, the FT’s Taylor Nicole Rogers discusses a labour shortage in the US that is making it hard for employers to find enough workers as the economy opens up.
Wall Street ends lower as inflation debate intensifies
https://www.ft.com/content/fd3abbb8-955a-46b3-bc45-9a4fb7b95265
Colonial pipeline resumes operations following ransomware attack
https://www.ft.com/content/b6ac99ea-d7c6-49dd-b7d7-1284ce2e85c0?
US employers struggle to find willing workers after pandemic year
ft.com/content/52ecab21-c90d-4ee7-be7f-612da5355c77
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Thursday, May 13th, and this is your FT news briefing. |
| 0:08.8 | The US's Blue Chip Stock Index had its worst sell-off in months, |
| 0:13.1 | and government bonds also fell after consumer price data reinforced fears about inflation. |
| 0:18.4 | And the Colonial Pipeline is back up and running after hackers forced it to shut down. |
| 0:23.1 | Plus, the US unemployment rate is still higher than it was before the pandemic. |
| 0:27.7 | But businesses are having a hard time finding workers. |
| 0:31.0 | We've never had problems in Los Angeles for filling staff. I mean, there's a surplus of |
| 0:35.2 | people to work, so this is the first time we've ever encountered this. |
| 0:38.2 | I'm Mark Filipino. Here's the news you need to start your day. |
| 0:46.4 | Inflation once again, spooked US investors on Wednesday. |
| 0:49.5 | The S&P 500 dropped 2.2%, its worst days since February, |
| 0:53.6 | the Nasdaq Composite saved more than 2.5% and US government bonds also fell. |
| 0:59.3 | This was after the government released its latest consumer price report. |
| 1:03.1 | It showed inflation rose more than 4% in April compared to the previous year. |
| 1:07.6 | That's the fastest pace since 2008. |
| 1:11.1 | It means that the White House has to contend with a much more complicated, |
| 1:15.0 | economic picture than it saw even just a week ago. |
| 1:19.9 | That's the FT's Washington Bureau Chief, James Politi. |
| 1:23.2 | The US is now looking at an environment based on April data. |
| 1:28.4 | That includes a sort of slowdown in job creation and a spike in prices. |
| 1:35.2 | Even a month ago, the White House was looking at its own stimulus and seeing a quick recovery, |
| 1:42.2 | a strong recovery, and an economic picture that was easier to manage. |
... |
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