A job fair in Albuquerque, N.M. Job hopping for higher wages has put pressure on companies as they compete for talent. The U.S. economy is enduring a rocky transition from an exceptionally strong recovery to a steep slowdown as rising inflation and interest rates weigh on consumers and businesses. Economic growth surged last year , as consumers unleashed spending and businesses recovered from the short, deep pandemic recession of early 2020. But that robust growth is grinding to an abrupt halt as households, companies and policy makers face deep challenges, with four-decade-high inflation chief among them. The Federal Reserve‚Äôs preferred inflation gauge rose 6.8% in June from the year before, the sharpest rise since January 1982, the Commerce Department said Friday. A separate measure of consumer inflation was up 9.1% in June from a year earlier. A tight labor market could continue to exert upward pressure on inflation. Wages […]