October jobs report: America adds 531,000 jobs to the economy in October
The unemployment rate fell to 4.6%, the lowest level since the economic recovery started in May 2020.
The number of jobs added in October easily outpaced economists’ prediction of 450,000 jobs. It marked the first month since July that the official number didn’t undercut the consensus estimate.
The US economy gained jobs across the board last month, with leisure and hospitality, manufacturing and transportation and warehousing leading the job gains. The leisure and hospitality sector was hit hardest during the pandemic recession and is still 1.4 million jobs short of its pre-pandemic level.
October’s jobs report marks a turning point after two months of sluggish job gains, slowed by rising coronavirus cases as the Delta variant raged across the globe.
“This is the kind of recovery we can get when we are not sidelined by a surge in Covid cases,” said Nick Bunker, economic research director at Indeed.
“The labor market is not yet fully…
