For the past year, America's job market has run like a well-engineered machine, adding an impressive average of 540,000 workers a month despite a punishing inflation rate.
The first quarter's growth was hampered mainly by a slower restocking of goods in stores and warehouses and by a sharp drop in exports.
But chronic shortages of goods, supplies and workers have contributed to skyrocketing price increases - the highest inflation rate in 40 years. Russia's invasion of Ukraine in late February dramatically worsened the financial landscape, sending global oil and gas prices skyward and severely clouding the national and global economic picture.
Even so, pay raises haven't kept pace with the spike in consumer prices: Adjusted for inflation, hourly wages have actually fallen for 12 straight months.
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