This figure will be adjusted next month as the monthly figure’s tend to be…
And?
It fits with the drop in virus cases and kids going back to school….
But?
Consumer prices continue to rise….
The American economy added 531,000 jobs in October, the Labor Department said Friday, a sharp rebound from the prior month and a sign that employers are feeling more optimistic as the latest coronavirus surge eases.
Economists polled by Bloomberg had been looking for a gain of 450,000 jobs. The unemployment rate declined to 4.6 percent, from 4.8 percent.
The October gain was an improvement from the 312,000 positions added in September — a number that was revised upward on Friday.
Hiring has seesawed this year along with the pandemic, especially in vulnerable sectors like hospitality and retail, where workers must deal face to face with customers. White-collar employees have fared better, since many can work remotely…
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American workers are taking home bigger paychecks as employers pay up to attract and retain employees. But those same people are shelling out more for furniture, food and many other goods and services these days.
It is not yet clear which side of that equation — higher pay or higher prices — is going to win out, but the answer could matter enormously for the Federal Reserve and the White House.
There are a few ways this moment could evolve. Wage growth could remain strong, driven by a tight labor market, and overall inflation could simmer down as supply chain snarls unravel and a surge in demand for goods eases. That would benefit workers.
But troubling outcomes are also possible, and high on the list of worries is what economists call a “wage-price spiral.” Employees could begin to demand higher pay because they need to keep up with a rising cost of living, and companies may pass those labor costs on to their customers, kicking off a vicious cycle. That could make today’s quick inflation last longer than policymakers expect….