Rising gas prices, state strategies for disbursing federal relief monies, a concerning COVID-19 variant, and more teenagers in the workforce are among the top business news items this morning.
National
Oil producers are lagging behind increased demand for fuel as COVID-19 restrictions ease and people resume traveling, leading to an increase in gas prices. This trend could put greater pressure on the Federal Reserve to curb inflation if it continues, although experts anticipate that it will be temporary.
A New York Times report looks at how state and local governments have been allocating $350 billion in federal aid approved through the American Rescue Plan. Some states have been using the money to lend further financial assistance to business sectors that suffered major losses during the pandemic.
The Delta variant of COVID-19 has become the dominant strain of the virus in the United States, according to the Centers for Disease Control. The variant is primarily affecting children and unvaccinated groups, and has raised concerns about the management of the virus as it is more contagious and has caused a resumption in lockdowns in parts of Europe and Australia.
Business trends
Teenagers have found ample opportunities for summer employment as businesses struggle to find workers. The trend runs counter to employment after the Great Recession, when teenagers found it harder to find work as unemployed older workers snapped up available jobs.
