BREAKING: America’s employers stepped up their hiring in October, adding a solid 531,000 jobs, the most since July and a sign that the recovery from the pandemic recession may be overcoming a virus-induced slowdown.
. Roughly 5 million fewer people have jobs now than did before the pandemic.
The draw of higher income could entice more people to come off the sidelines and look for work again. Wages and salaries in the July-September quarter, compared with a year earlier, jumped by the most in 20 years. Most of that gain, though, went to already employed people who left their jobs: The number of people who quit, mostly to take new positions, has reached a record high.
That inflation surge was a key reason why the Federal Reserve announced this week that it would begin winding down the stimulus it has given the economy since the pandemic recession struck last year. The Fed will do so by reducing its monthly bond purchases, which have been intended to hold down long-term interest rates to spur borrowing and spending.
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