But there is no evidence that I have seen that monetary policy can have any enduring effect on the level of employment. So what can deliver higher levels of employment on an enduring basis? The answer lies not with central banks but with choices made by governments and societies more generally.
Business contacts tell me of empty offices and idle production capacity because employers cannot find workers. Retailers who hire seasonal workers say they will try to hold onto these employees after the holidays to fill future vacancies from attrition. And that is even with some expectation of slower sales growth in the next couple quarters.