More than half a million new jobs have been created in the USA, and the labor market, which collapsed during the corona pandemic, is recovering strongly. But full employment is still a long way off.
The US labor market performed surprisingly strongly in October. Unemployment continued to decline, while employment rose significantly. The US Federal Reserve is likely to see confirmation of its course of scaling back its extremely loose monetary policy somewhat.
The US economy created 531,000 jobs outside of agriculture, the Department of Labor announced on Friday. Experts had expected a lower increase of an average of 450,000 jobs. The labor market collapsed during the Corona crisis and has now recovered significantly. However, the job market is far from full employment, as it was before the outbreak of the crisis.
Unemployment continued to decline. The rate fell compared to the previous month by 0.2 points to 4.6 percent. The number of unemployed fell to 7.4 million. The average hourly wages increased by 0.4 percent compared to the previous month and by 4.9 percent compared to the same month last year. Wage growth has accelerated noticeably in the past few months.
US President Joe Biden emphasized: “Not only are more Americans working, their paychecks are also increasing.” The economy is recovering faster than expected. In order to continue the development, the vaccination rate must increase in the fight against the pandemic. In addition, his investment packages would have to be passed by Congress, said Biden. The two bills, with billions of billions of dollars invested in infrastructure, as well as in social and climate protection, have been stuck in Congress for weeks because of wing battles among Biden’s Democrats.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
