What is both too hot and too cold? The answer: the United States economy in the summer of 2021

“We call it a whiff of stagflation,” said Paul Ashworth, chief U.S. economist at Capital Economics

Businesses are complaining of labor shortages and offering all kinds of inducements to attract workers. Yet the unemployment rate is a recession-like 5.9 percent. 

And the share of adults in the labor was 63.3 percent in February 2020 but has bounced around between 61.4 percent and 61.7 percent for more than a year.

In the first three months of the year, longer-term bond yields soared and the yield curve steepened. That has reversed in recent weeks. 

NYT 22 July 2021

https://www.nytimes.com/2021/07/21/upshot/economy-usa.html