ICYMI: THE WASHINGTON POST: LABOR MARKET SHOWS SIGNS OF HIRING UPTICK

More Americans Have Been Returning to the Workforce as COVID Concerns Fade

WASHINGTON, D.C. — Business surveys show that people are returning to the workforce due to fewer concerns over COVID, pointing to an increasingly stronger economy, according to the Washington Post. After months of falling unemployment claims, hiring is increasing thanks to the robust investments in the American Rescue Plan that helped Americans get vaccinated and back to work.

KEY POINTS:

  • With caseloads falling and the country’s vaccination rate rising slowly but steadily, the labor market is now seeing some signs of a hiring boost, as the country continues to climb out of the gigantic employment hole left by the pandemic.

  • Business surveys, like IHS Markit’s purchasing managers’ index, show that service sector employers — the largest portion of the economy, by far — are increasing workforce numbers at the quickest rate since June, when the country added nearly 1 million workers to the payrolls.
  • And consumer confidence, the engine of the U.S. economy, reversed a months long slide in October to mark high numbers, according to the Conference Board’s monthly survey. Consumers were also the most optimistic about their own prospects to find jobs since 2000, the survey found.

Read the full article here.

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