美国国家公共电台 NPR--U.S. hiring cooled slightly in October. That could help to ease inflation

U.S. hiring cooled slightly in October. That could help to ease inflation

Transcript¹

The U.S. job market is still tight, but perhaps not quite as tight as it has been.

A report from the Labor² Department Friday shows that employers added 261,000 jobs in October, compared to a revised 315,000 jobs the month before. Analysts³ say a decline in job growth is not surprising, since employers have already replaced all of the 22 million jobs that were lost during the pandemic.

A cooling job market could even help the Federal Reserve to achieve a so-called "soft landing," if it contributes to slower inflation without tipping the economy into recession.

"A gradually slowing job market means that a soft landing is still possible," said Daniel Zhao, lead economist⁴ at the job search website Glassdoor. "As long as the unemployment rate remains⁵ low, a soft landing is not off the table."

The unemployment rate in October was 3.7%, up from 3.5% the month before. The jobless rate is drawn⁶ from a separate survey, which showed a decline of 328,000 jobs last month.

The Federal Reserve has been surprised by the strength and resilience of the labor market, despite a slowdown in the overall economy. Employers added nearly 3.8 million jobs in the first nine months of the year, even as the nation's gross domestic product barely budged⁷.

October's job gains were stronger than analysts had predicted. Federal Reserve chairman Jerome Powell cautions that even with some slowdown in job growth, the labor market remains unusually tight.

"It's a mixed picture," Powell told reporters this week. "I don't see the case for real softening⁸ just yet."

A separate report from the Labor Department this week showed posted job openings rebounded⁹ in September, after dropping the month before, so there were once again nearly two vacant jobs for every unemployed¹⁰ worker.

"The labor market continues to be out of balance, with demand substantially exceeding the supply of available workers," Powell said.

As a result, employers have to pay more to attract workers. Average wages in October were up 4.7% from a year ago, compared to a 5% increase in September. While wage growth has eased slightly in recent months, wages are still climbing faster than inflation watchdogs would like.

Powell said he and his colleagues have not seen signs of the kind of wage-price spiral that fueled runaway¹¹ inflation in the 1970s. But they're not taking any chances.

"Once you see it, you're in trouble," Powell said. "So we don't want to see it."

Rate hikes creeping in

The Fed has been aggressively raising interest rates in an effort to tamp¹² down demand and curb¹³ inflation. That's led to slower growth in industries that are sensitive to borrowing costs, such as housing.

Construction companies added just 1,000 jobs in October, down from 22,000 the month before.

"We're seeing the signs of some of the Fed's rate hikes creeping in," said Nela Richardson, chief economist of the payroll¹⁴ processing firm ADP. "I think these would be early signs that that policy is having an impact."

Companies experiencing a drop in customer demand may be slower to fill job vacancies¹⁵ or to replace workers who quit. But layoffs¹⁶ are still rare. Weekly claims for unemployment benefits, which tend to track with layoffs, remain at historically low levels.

After struggling for two-and-a-half years to find enough workers, many employers may be reluctant to let anyone go, even when business declines.

"I have a sense from talking to some CEOs that they are hanging on to people," said Esther George, president of the Federal Reserve Bank of Kansas City. "And their argument is, it is so hard to re-hire — [after] the experience we've had — that we'll be inclined to hang on to some of these positions. We will wait as a last resort, really, [before] releasing people."

Employers may be hoping that any downturn will be brief, and they don't want to be short-staffed when business picks up again.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

3 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

4 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

5 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

6 drawn   

v.拖，拉，拔出；adj.憔悴的，紧张的

参考例句：

• All the characters in the story are drawn from life.故事中的所有人物都取材于生活。
• Her gaze was drawn irresistibly to the scene outside.她的目光禁不住被外面的风景所吸引。

7 budged   

v.（使）稍微移动( budge的过去式和过去分词 )；（使）改变主意，（使）让步

参考例句：

• Old Bosc had never budged an inch--he was totally indifferent. 老包斯克一直连动也没有动，他全然无所谓。 来自辞典例句
• Nobody budged you an inch. 别人一丁点儿都算计不了你。 来自辞典例句

8 softening   

变软，软化

参考例句：

• Her eyes, softening, caressed his face. 她的眼光变得很温柔了。它们不住地爱抚他的脸。 来自汉英文学 - 家（1-26） - 家（1-26）
• He might think my brain was softening or something of the kind. 他也许会觉得我婆婆妈妈的，已经成了个软心肠的人了。

9 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

10 unemployed   

adj.失业的，没有工作的；未动用的，闲置的

参考例句：

• There are now over four million unemployed workers in this country.这个国家现有四百万失业人员。
• The unemployed hunger for jobs.失业者渴望得到工作。

11 runaway   

n.逃走的人，逃亡，亡命者；adj.逃亡的，逃走的

参考例句：

• The police have not found the runaway to date.警察迄今没抓到逃犯。
• He was praised for bringing up the runaway horse.他勒住了脱缰之马受到了表扬。

12 tamp   

v.捣实，砸实

参考例句：

• Then I tamp down the soil with the back of a rake.然后我用耙子的背将土壤拍实。
• Philpott tamped a wad of tobacco into his pipe.菲尔波特往烟斗里塞了一卷碎烟叶。

13 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

14 payroll   

n.工资表，在职人员名单，工薪总额

参考例句：

• His yearly payroll is $1.2 million.他的年薪是120万美元。
• I can't wait to get my payroll check.我真等不及拿到我的工资单了。

15 vacancies   

n.空房间( vacancy的名词复数 )；空虚；空白；空缺

参考例句：

• job vacancies 职位空缺
• The sign outside the motel said \"No Vacancies\". 汽车旅馆外的招牌显示“客满”。 来自《简明英汉词典》

16 layoffs   

临时解雇( layoff的名词复数 )； 停工，停止活动

参考例句：

• Textile companies announced 2000 fresh layoffs last week. 各纺织公司上周宣布再次裁员两千人。
• Stock prices broke when the firm suddenly announced layoffs. 当公司突然宣布裁员时，股票价格便大跌