Jobs Surge in Defiance of Fed as U.S. Economy Added 261,000 Jobs in October

[mystery-ak]

Jobs Surge in Defiance of Fed as U.S. Economy Added 261,000 Jobs in October

John Carney 4 Nov 2022

The U.S. economy added 261,000 jobs in October and the unemployment rate moved up to 3.7 percent, the Labor Department said Friday.

Economists had expected the economy to add 210,000 jobs and the unemployment rate to tick up to 3.6 percent. The range of forecasts by economists surveyed by Econoday was between a gain on payrolls of 125,000 to 250,000. On unemployment, the range of forecasts was for 3.5 percent to 3.7 percent.

The Labor Department’s Job Opening and Labor Turnover Survey showed that there were 10.7 million job openings at the end of September, around 1.9 vacancies for every unemployed person. Federal Reserve officials frequently cite the vacancy ratio as evidence that the labor market is so tight that it risks fueling inflation.

“Despite the slowdown in growth, the labor market remains extremely tight, with the unemployment rate at a 50-year low, job vacancies still very high, and wage growth elevated,” Federal Reserve chairman Jerome Powell said at a press conference on Wednesday.

The demand for labor from employers has proven highly resilient, adding to payrolls and vacancies even as the Federal Reserve has hiked interest rates up at the fastest pace in decades. The bottom of the Fed’s range for its benchmark rate has gone from zero at the start of the year to 3.75 percent today. The Fed is expected to announce another hike in December, although forecasters are divided about whether that will be a half-a-point increase or three-quarters of a point.

Powell has made it clear that the Fed is seeking to cool off the labor market in order to tame inflation.

more
https://www.breitbart.com/economy/2022/11/04/the-u-s-economy-added-261000-jobs-in-october/

[Hoodat]

In defiance of the Fed?  What is that supposed to mean?  If the Fed wants to stop inflation in its tracks, all they have to do is to stop printing up new money to finance government excess.  They can then step back and allow the market to fix itself.

[Idiot]

Jobs Surge in Defiance of Fed as U.S. Economy Added 261,000 Jobs in October

John Carney 4 Nov 2022

The U.S. economy added 261,000 jobs in October and the unemployment rate moved up to 3.7 percent, the Labor Department said Friday.

Economists had expected the economy to add 210,000 jobs and the unemployment rate to tick up to 3.6 percent. The range of forecasts by economists surveyed by Econoday was between a gain on payrolls of 125,000 to 250,000. On unemployment, the range of forecasts was for 3.5 percent to 3.7 percent.

The Labor Department’s Job Opening and Labor Turnover Survey showed that there were 10.7 million job openings at the end of September, around 1.9 vacancies for every unemployed person. Federal Reserve officials frequently cite the vacancy ratio as evidence that the labor market is so tight that it risks fueling inflation.

“Despite the slowdown in growth, the labor market remains extremely tight, with the unemployment rate at a 50-year low, job vacancies still very high, and wage growth elevated,” Federal Reserve chairman Jerome Powell said at a press conference on Wednesday.

The demand for labor from employers has proven highly resilient, adding to payrolls and vacancies even as the Federal Reserve has hiked interest rates up at the fastest pace in decades. The bottom of the Fed’s range for its benchmark rate has gone from zero at the start of the year to 3.75 percent today. The Fed is expected to announce another hike in December, although forecasters are divided about whether that will be a half-a-point increase or three-quarters of a point.

Powell has made it clear that the Fed is seeking to cool off the labor market in order to tame inflation.

more
https://www.breitbart.com/economy/2022/11/04/the-u-s-economy-added-261000-jobs-in-october/

Seeing the economy add so many jobs is not surprising.  First, the Christmas season is upon us and retailers will be adding employees.  Second, people are having to take on a second or third job just to feed their family.

[Free Vulcan]

Cute little words in clever arrangements.

261K jobs is treading water.

[aligncare]

Seeing the economy add so many jobs is not surprising.  First, the Christmas season is upon us and retailers will be adding employees.  Second, people are having to take on a second or third job just to feed their family.

Politicians in power like to pretend that these rosy headline numbers—conveniently just before an election, are written in stone.  When we’ve all seen them revised down the following month and buried in the back section of our newspapers.  But by then the election is history.

[GtHawk]

In defiance of the Fed?  What is that supposed to mean?  If the Fed wants to stop inflation in its tracks, all they have to do is to stop printing up new money to finance government excess.  They can then step back and allow the market to fix itself.

It means how dare people work to feed, clothe and house themselves...the bastards!

[LMAO]

There does seem to be a reluctance for employers to lay off people. I can tell you that we are screaming for staff at the hospital