The Latest Breaking News from Labor Department

The SPDR S&P 500 ETF Trust SPY (NYSE: SPY) traded lower by 0.6% on Wednesday morning after the Labor Department reported an 8.3% increase in the consumer price index in the month, indicating inflation remains near 40-year highs.

Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday.

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, Russia’s ruinous war against Ukraine, a still-risky pandemic, jittery financial markets and the prospect of much higher borrowing costs

More Americans applied for unemployment benefits last week but the total number of people collecting jobless aid is at its lowest level in more than 50 years

Starbucks workers have driven a surge in union election petitions filed with the National Labor Relations Board. Unionizing has also picked up at colleges, non-profits and pot dispensaries.

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Fidelity Investments recently became the first major retirement-plan provider to allow investors to include a bitcoin account in their 401(k).

President Biden's nomination of David Weil as head of the Labor Department's all-important Wage and Hour Division died on April 7 when Weil voluntarily withdrew his name from consideration.

The surging cost of energy pushed wholesale prices up a record 11.2% last month from a year earlier — another sign that inflationary pressure is widespread in the U.S. economy