Employment

Don't worry about the last few jobs reports. The US is still on track to hit full employment "next year," according to Treasury Secretary Janet Yellen.

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The unemployment rate fell to 4.8% in September, down from the pandemic peak of 14.8% and closing in on the pre-crisis low of 3.5%. However, nearly 8 million Americans remain unemployed, and there are still more than 10 million job openings across the US.

Americans are quitting their jobs at a record rate of more than 4 million per month. Businesses continue to complain about hiring difficulties, and job creation stumbled last month, with the US adding just 194,000 new jobs. That was less than half the median forecast and signaled the Delta wave had dramatically slowed hiring.

Yellen reaffirmed her positive outlook, but noted the recovery won't be without its snags.

"The labor market in many ways is very tight," Yellen told MSNBC's Stephanie Ruhle in an interview aired Wednesday. "We suffered ... a very, very unusual shock that has both put people out of work but also changed patterns of demand, shifting demand away from services like travels, staying in hotels, eating out at restaurants."

While the country has millions of jobs and workers to fill them, the two aren't matching up. Part of the mismatch comes from workers leaving low-paying service jobs in search of positions with higher pay and better working conditions.


Video: Janet Yellen on supporting the elimination of stepped-up basis, a 'loophole' (CNBC)

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