The job of monetary policy is to promote maximum employment and price stability as the economy works through this challenging period. I will turn now to a discussion of progress toward those goals. The Path Ahead: Maximum Employment The outlook for the labor market has brightened considerably in recent months.
After faltering last winter, job gains have risen steadily over the course of this year and now average 832,000 over the past three months, of which almost 800,000 have been in services (figure 2). The pace of total hiring is faster than at any time in the recorded data before the pandemic.