Reminder that high prices are the result of price gouging by corporations.

https://www.axios.com/2022/07/08/jobs-report-june-recession

Over the last few months, the great debate has been over whether 2021's hyper-growth will end with a soft landing — a gradual slowdown — or a hard landing that becomes a nasty recession.

The June employment numbers raise the question of if the plane is even landing at all.

Why it matters: Policymakers are looking for more moderate job creation as the economy cools, lowering inflation pressures. Instead, the labor market remains robust.

• That eases recession fears for now, but it also raises the risk that the Fed will maintain an aggressive approach to raising interest rates.

Driving the news: Employers added 372,000 jobs last month, roughly 100,000 more than Wall Street economists expected. The unemployment rate was unchanged at 3.6%.

Between the lines: This is an unusual moment, in which even politicians are looking for a slowdown in jobs.

• President Biden, for example, said in an opinion article on May 30 that if job growth shifted down to something around 150,000 a month, it would be "a sign that we are successfully moving into the next phase of recovery."
• It's not happening, though. Over the last three months, job growth averaged 375,000 a month.
• With employers still creating jobs at a rate faster than demographics would allow, it implies the too-hot economy isn't cooling down enough to restrain inflation.

It's a good reminder that for all the focus on a handful of hiring freezes and layoffs at some buzzy companies, most U.S. businesses are still hiring aggressively to meet high demand.

• That also shows up in indicators like weekly jobless claims, which have ticked higher recently but remain near historically low levels.