Job report October 2021: 531,000 offers won Brighter picture

“It’s a euphemism, but something the Fed takes very seriously,” said Diane Swonk, chief economist at accounting firm Grant Thornton. If the current price hike doesn’t abate by early next year, and if both internal and external pressures to prioritize price stability take precedence, then “patience may run out sooner than people think,” she said – and earlier than Mr Powell . the Fed chairman would like.

Attitude has moved along with the pandemic this year, especially in vulnerable sectors like hospitality and retail where workers need to be face-to-face with customers. Since many employees can work remotely, they are consistently better off.

In October, the number of people employed in the leisure and hospitality industry increased by 164,000, while professional and business services created 100,000 new jobs. Despite supply chain bottlenecks, manufacturers hired 60,000 workers, and transportation and storage saw an increase of 54,000.

“We’re optimistic,” said Lou Rassey, co-founder and CEO of Fast Radius, a Chicago-based company that develops software for manufacturers and makes components for medical devices and electric vehicles.

Fast Radius brought about 25 employees on board last month, including factory workers, software developers, and technologists. It has actually benefited from the nodes in the global supply chains. Given all the difficulties that can arise when one link in a chain gets out of hand, some US industrial customers are relocating production home.

“We can locally produce parts that were traditionally made halfway around the world,” said Rassey.

Jeanna Smialek, Zolan Kanno-Youngs and Ben Casselman Reporting contributed.

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