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   From: nobody@yamn.paranoici.org   
      
   WASHINGTON (Reuters)—Hopes to restore U.S. employment to its pre-   
   pandemic level, an aim of the Federal Reserve and the Biden   
   administration, now rest on a recovery of jobs in New England and   
   California, a potentially troubling fact for the president's   
   Democratic Party ahead of critical midterm elections and as the Fed   
   plots a possible turn to tighter monetary policy.   
      
   Data released on Friday show that through October employment in   
   states with Republican governors was close to 99 percent of what it   
   was in February of 2020, while Democratic-led states lagged, at   
   roughly 96 percent.   
      
   While state-level estimates can be volatile, particularly month to   
   month, the apparently larger remaining job shortfall in Democratic-   
   leaning areas echoes the choices—and political divisions—that   
   emerged early in the pandemic. States in the Northeast and mid-   
   Atlantic tended to impose stricter measures against the coronavirus   
   and keep them in place longer, than Republican-led states in the   
   South and West.   
      
   Employment fell more sharply in those areas, and the gap has   
   remained even late in the recovery.   
      
   Recovery has come faster than many expected, but it remains uneven.   
   Of 10 states that had more jobs in October of this year than in   
   February 2020, seven had Republican governors and another six GOP-   
   led states were within 1 percentage point of their pre-pandemic job   
   level.   
      
   The level of jobs alone doesn't tell the full story, and on key   
   measures like the overall employment-to-population ratio –   
   considered a more complete measure of job market health than the   
   unemployment rate – Republican strongholds like Texas and Florida   
   remained well below levels seen before the pandemic crisis.   
      
   But the job level does pose a potential challenge for Biden, with   
   important Democratic states like New York and California still 5   
   percent below the pre-pandemic peak, and political battlegrounds   
   like Pennsylvania also lagging.   
      
   Until recently it seemed the Fed was intent on keeping monetary   
   policy loose and borrowing costs easy for as long as it took to claw   
   those jobs back.   
      
   That aim may now be in conflict with the Fed‘s other goal of stable   
   prices, challenged by a run of inflation that is prompting central   
   bank policymakers to discuss a faster move to tighter policy—which   
   could slow job growth before areas central to Biden's political   
   chances are able to catch up.   
      
   Those dynamics now appear as well to be central to Biden's decision   
   on who to place at the top of the Fed. Current Chair Jerome Powell's   
   term is expiring in February, and Biden is expected to make a   
   decision within the next week on whether to reappoint him or replace   
   him, most likely with Fed Governor Lael Brainard.   
      
   The high inflation rate, which has persisted longer than   
   policymakers had anticipated, is damaging Biden's approval ratings   
   and elevating the importance attached to his choice of central bank   
   chief.   
      
      
   https://freebeacon.com/democrats/as-fed-contemplates-a-move-   
   democratic-states-lag-furthest-in-jobs-recovery/   
      
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