economy roars back to life, and there are dislocations after shutdowns. plus there s a shortage of tanker truck drivers to deliver gas to gas stations. so a variety of factors there, 313 is the average. one thing for sure people want to get back out there. this may have been the weirdest thing on the internet this july 4th. mr. facebook himself mark zuckerberg celebrating independence day by posting this video on instagram. shows him riding a hi-tech surf board on a lake holding old glory to the sound of john denver s take me home country road. i ll leave that right there. what is that? it looks like he s almost levitating. obviously not but having fun. for the first time ever a major league baseball player makes the all-star team as a pitcher and a hitter. carolyn mano is here this morning in studio with the bleacher report.
as the economy roars back to life, demand for a lot of things, inflation growing too, inflation rising 5%. that is the biggest jump since august 2008. it shows a core inflation rate, this really matters, higher than we ve seen since 1992. what does it mean for you? christine romans is here with more. the white house officials thinking on this. to me this is we still believe that the uptick in inflation is there. this is temporary. how do we know with numbers like this? we won t know for sure until we know. wall street right now, stock market hit record highs this morning. you have the bond market. don t worry about this. the this is sign of a sustained recovery in the american economy. this is a sign of opening, reopening, people rushing out to start lives again. and that s driving prices higher because of the supply glitches in parts of the economy where
so it s some of the things they will talk about are also sort of future planning but the symbolism of seeing that aircraft carrier, another another one is on the way for south china seas as part of a joint military operation, that s important, too. always great to have your analysis as usual this morning. appreciate it. see you soon. all right. meat supplier jbs said it paid $11 million ransom after that cyber attack that shut down its entire u.s. beef processing operation last week. the company said it paid the ransom after most of its facilities were back on line. it says it paid off the hackers believed to be based in russia by the way to prevent any potential risk to its customers. now, it s unclear whether the white house knew about this payoff, but u.s. officials have urged companies not to pay ransoms to avoid encouraging more cyber attacks like this. everything is more expensive as the economy roars back to life. that s the down side of a hot economy.
hospitality. as the economy roars back companies are hungry to hire, but many workers are holding back. child care is still a problem for millions of parents, especially mothers. there are health and safety concerns. front line low wage workers, they are not rushing to get back to, quote/unquote, normal, a couple of jobs and low wages is why employers are offering everything from free college tuition and scholarships to attract new employees. it s a reckoning in the american jobs market. workers hold the cards here and companies are finding they need to pay more to attract and retain workers. chipotle is passing on the the higher labor costs to the consumers. they raidsed their menu prices by 4% to cover higher wages for employees. global food prices are also on the rise. the wages, they can raise prices for consumers which like chipotle say they are going to do, they can eat the cost that comes out of their profits for some big companies they can afford that. or they can automat
overall, the economy is still down 7.6 million jobs since the pandemic began. some employers complain they can t find workers. indeed, covid disrupted the wage market. half the states are cutting off the extra jobless benefits trying to lure people into the market. but economists at san francisco fed found that jobless benefits are only a small part of the problem, child care, school and health concerns mean family responsibilities are holding millions of americans back. even as the economy roars, healing the jobs market may take a little time, boris, amara. christine romans thanks for that report. with vaccinations climbing and cases falling many americans are returning to the office for the first time in more than a year. though, some don t want to go back. and what could be a sign of the new normal. a recent survey found 1 in 4 american workers are considering