America’s employers kept hiring briskly in October.
A sign advertises for help at The Goldenrod, a popular restaurant and candy shop, Wednesday, June 1, 2022 in York Beach, Maine.Washington — America’s employers kept hiring briskly in October, adding a substantial 261,000 positions, a sign that as Election Day nears, the economy remains a picture of solid job growth and painful inflation.
The October jobs figures were the last major economic report before Election Day, with voters keenly focused on the state of the economy and on their own financial lives. President Joe Biden and congressional Democrats have pointed to the vigorous resurgence in hiring as evidence that their policies have helped get Americans back to work faster than the nation managed to do after previous downturns. But that message has been overtaken in the midterm political campaigns by the crushing surge of inflation, which has soured many Americans on the economy under Democratic leadership in Congress and the White House.
At a news conference Wednesday, Fed Chair Jerome Powell noted that the strong job market is feeding inflationary pressures as businesses continue to raise pay. In September, average wages rose more than 6% from 12 months earlier, according to the Federal Reserve Bank of Atlanta. That was the fastest such pace in 40 years, though it still trailed inflation.
The Fed’s policymakers did open the door to the possibility of a smaller rate hike when they next meet in December. But Powell also said that in order to tame inflation, the Fed would likely have to raise rates high enough to weaken the job market. That could mean that hiring will slow in coming months or even that many employers will cut jobs and increase the unemployment rate.
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