The economy is recovering at three times the rate seen after the Great Recession. The US added 6.4 million jobs in 2021 despite weak December growth.
The government's establishment survey showed a gain of 199,000 payrolls, yet the household survey included in the report showed 651,000 jobs added.
Continuing claims, which track people continuously receiving jobless aid, jumped to 1.75 million for the week that ended December 25.
Investors are pivoting away from tech stocks towards more inflation- and economy-sensitive sectors such as financials.
Job creation last month badly missed the 550,000 estimate and showed the labor market slowing from October's pace and still struggling with Delta.
Workers are reversing a two-decade plunge in their pay and power. It's the start of fixing a "fundamental break" in the economy, the bank said.
The supply-chain crisis is still causing shortages and delays, but firms see something else. They plan to hire a record amount of holiday workers.
Jerome Powell says the labor market's healthy, and a "different world" than before the pandemic, which saw the deepest recession and fastest recovery.
ADP's monthly report showed job growth surpassing economists' 400,000-payroll estimate, signaling a hiring boom like the pre-Delta summer.
Delta fears that slammed hiring and put the US recovery on ice probably ended in October, and the country is booming all over again, UBS said.
"I'm less hesitant than ever to leave a job," said Brandon Holland, one of the millions quitting for better pay, conditions, and career prospects.
Hiring is slow, the labor shortage rages on, and Americans are quitting at a record pace, but Yellen expects unemployment to keep dropping.
Nearly half of Americans in a New York Fed survey said they didn't plan to work after 62. The catch is the economy has long relied on older workers.
Over 4 million Americans quit their jobs in September, extending a streak of record walkouts. They're probably unlocking better pay and productivity.
Tuesday's report shows many more job openings than unemployed workers, showing the labor shortage is going strong, and hiring is incredibly weak.
Last month's job gains missed the median forecast of 500,000 payrolls by a lot. It's a continued slowdown after August's dismal report.
The reading easily exceeded the median forecast of 428,000 payrolls. It also shows the job market's recovery heading into the fall.
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